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Retailers are getting hit particularly hard on China-related news, even if the impact hasn’t quiet hit their bottom line. Tiffany’s shares fell 9.6 percent on Nov. 28 after the jeweler released disappointing third-quarter sales that were hurt by weaker spending from Chinese tourists in the U.S. and Hong Kong. The luxury jeweler’s earnings were in line with estimates, but revenue of $1.01 billion was shy of the $1.05 billion estimate from analysts surveyed by Refinitiv.

Target said in September that it was “deeply troubled” by the Trump administration’s escalating trade war, saying it threatens to undermine the U.S. economy, penalizes American families and raises prices on everything from backpacks to playpens.

The trade war hasn’t impacted all U.S. companies equally. Lululemon and Nike have cited China as a bright spot in recent earnings reports. Nike sales there grew by 31 percent during the company’s fiscal second quarter that ended Nov. 30.

“Now, while there has been uncertainty of late regarding US-China relations, we have not seen any impact on our business,” Chief Financial Officer Andy Campion told analysts on a conference call last month. “Nike continues to win with the consumer in China.”

Lululemon, Starbucks and other U.S. retailers have fared better by partnering with local companies in China.

China is also the world’s fastest growing aviation market, and a slowdown would hurt aircraft manufacturers and carriers, although it hasn’t affected them so far.

The International Air Transport Association, an industry group representing commercial airlines around the globe, has said it expects China to overtake the U.S. as the largest aviation market in the world by 2022.

So far, the industry mood has been upbeat. In September, Boeing, the world’s largest commercial aircraft manufacturer, raised its estimate for the number of planes China will need through 2037 by 6 percent to nearly 7,700, planes worth some $1.2 trillion.

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EU will offer Brexit delay, but length depends on UK parliament

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The European Union will grant Britain an extension to its Brexit negotiating period, but the length of the delay will depend on whether Prime Minister Theresa May is able to win a vote in parliament on an exit agreement next week, draft summit conclusions said.

The updated conclusions for an EU leaders’ summit, which have yet to be finalised, said the bloc would grant an extension to May 22 if May is able to get the existing Brexit divorce deal approved by the British parliament.

If she is unable to do so, Britain would only be give a Brexit delay until April 12. At this point the country would face a disorderly Brexit, or could ask for another extension if it agreed to hold European Parliament elections on its soil on May 23-26.

“The European Council agrees to an extension until 22 May 2019, provided the Withdrawal Agreement is approved by the House of Commons next week,” said the updated draft of the EU leaders’ agreement on Brexit, which was seen by Reuters.

“If the Withdrawal Agreement is not approved by the House of Commons next week, the European Council agrees to an extension until 12 April 2019 and expects the United Kingdom to indicate a way forward at the latest by this date.”

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Apple rallies as investors anticipate streaming service announcement

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Apple’s stock is on a tear this week as it releases a string of products in the lead-up to its highly anticipated event on Monday.

The stock had its biggest rally Thursday since January, closing up 3.7 percent at $195.09 per share for its ninth positive day in the past 10 trading days.

Apple fell just short of taking back the title of the world’s largest public company from Microsoft. Still, Apple is once again approaching $1 trillion in market value, adding about $33 billion to its market capitalization Thursday, bringing it to $919.9 billion.

While Apple has put the spotlight on its hardware this week, announcing new iPads, iMacs and AirPods three days in a row (with a fourth product possibly coming Friday), the focus of Monday’s event is expected to be on a new streaming video service. Teasing the event with the slogan, “It’s show time,” Apple is expected to introduce a new streaming TV service that will give iPhone and iPad users access to free original content and subscription channels such as Starz and CBS All Access, CNBC previously reported.

Investors are already seeing a big upside to Apple’s expected venture into streaming. Needham upgraded the stock on Thursday and raised its price target from $180 to $225.

In a note to investors, Needham analysts wrote that if users adopt Apple’s streaming service, it “should lower churn and drive higher lifetime value.” It could even attract new customers to its products and services, they wrote.

Citigroup also raised its price target on the stock from $170 to $220 on Thursday, even though analysts said in a note they don’t anticipate the launch of Apple’s streaming service “to be a big catalyst for the stock.” They noted, rather, that the streaming is meant to drive recurring revenue for the company, in continuation of its services strategy.

Wedbush raised its price target from $200 to $215 Thursday, saying, “Monday’s announcement is just the tip of the iceberg for [Apple CEO Tim] Cook’s broader streaming content strategy to take hold and in our opinion adds a significant potential catalyst to the Apple services growth story for years to come.” The analysts hedged slightly, noting that Apple “is definitely playing from behind the eight ball in this content arms race with Netflix, Disney, Hulu, and AT&T/Time Warner all going after this next consumer frontier.”

Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.

— CNBC’s
Michael Sheetz
contributed to this report.

Subscribe to CNBC on YouTube.

Watch: Apple announces new AirPods with wireless charging and voice control

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US allies defy Washington’s please to ban Huawei

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But its not just Germany that is defying the U.S. Italy’s government has said that it won’t ban Huawei from its telecommunications industry, saying there is no proof of any security threat.

And in the United Kingdom, intelligence officials said that any risks posed by Huawei can be mitigated, according to an FT report in February. Even individual carriers have expressed their concern over excluding Huawei from the 5G rollout. U.K.-headquartered carrier Vodafone said banning Huawei could cost it millions of pounds and slow the rollout of 5G.

Experts say that while the American rollout of 5G would not be affected by a Huawei ban, Europe could suffer. Nikhil Batra, senior telecommunications research manager at IDC said European carriers’ businesses have struggled compared to those in the U.S., so they want the cheapest possible deal for 5G equipment — something that Huawei can provide.

“When you look at the industry as small as network equipment providers, excluding Huawei will have a big impact on the industry. If I am going from three major vendors to two major vendors, competition decreases, prices will increase as a result. A lot of countries, including specific telcos, are looking at Huawei as a better-cost option,” Batra told CNBC on Thursday.

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