US markets rallied amid some signs of de-escalation in the US-China trade wars - Dow up +382-points or +1.48% The broader S&P500 +1.50%, NASDAQ +1.95%, with Apple Inc rallying +4.23% and seen as a major beneficiary of the latest tariff developments. Apple historically introduces their new iPhone models in September. The US Trade Representative office said overnight that certain items would be removed from a list of goods set to be hit with a new 10% levy, citing “health, safety, national security and other factors.” The government agency also said that tariffs on electronic devices like phones and laptops and certain footwear and clothing will be delayed until 15 December. The delays mean that goods worth US$152B, or more than half of the original US$300B list, will now not be hit with tariffs until mid-December The news lifted a number of major retailers, including Best Buy Co Inc up +6.47% , Nike Inc +2.05% aand Nordstrom Inc +1.82%. In merger and acquisition (M&A) news, Genworth Financial Inc rallied 15.84% after the insurer announced an agreement to sell a majority stake in Genworth MI Canada to Brookfield Business Partners LP for ~C$2.4B. CIT Group (down -3.92%) announced its CIT Bank N.A. subsidiary was engaged in a deal to buy Mutual of Omaha’s savings bank subsidiary, Mutual of Omaha Bank, for US$1B in cash and stock.
