Afternoon Coffee: ISM Says Manufacturing Falls, Trump and Xi Discuss Trade War

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Data from the Institute for Supply Management shows that U.S. manufacturing for October weakened amid a drop in orders and hiring, Bloomberg News reports. The gauge fell to 57.7 from 59.8 the month before, and October’s result is the lowest in six months, Bloomberg reported. “Import tariffs and counter-tariffs are the biggest inhibitor to the expansion in manufacturing,” and trade strains are “restricting demand,” Timothy Fiore, chair of ISM’s manufacturing survey committee, told Bloomberg.

U.S., China Leaders Talk

The leaders of China and the U.S. spoke Thursday about their contentious trade negotiations, with President Donald Trump tweeting that he and President Xi Jinping had a "long and very good conversation," CNBC reported. No details were released, but the call helped boost the stock market, CNBC reported.

Airbus, Boeing Battle Supplier Lag

Airbus reports that it has turned a profit but will miss its delivery target because of supplier problems, The Wall Street Journal reported. Boeing said it had supplier delays as well but has mostly resolved the issues, the Journal reported.

Apple Earnings on Deck

And finally, an update on earnings: Apple is set to share its latest figures after the stock market closes today. It’s the last of the so-called FAANG tech companies (Facebook, Amazon, Apple and Google) to report its earnings, and the others reported softer sales, CNN reported.

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