Apple Inc. scored a partial victory Friday in a landmark antitrust case, but its fight with opponents of the App Store is far from over. While U.S. District Judge Yvonne Gonzalez Rogers left in place many of Apple’s restrictions for third-party software, she raised the specter of the tech company nearing a point where it could be deemed a monopoly in the mobile videogame market. The warning was tucked inside her 180-page ruling Friday, which was broadly greeted by Apple as a resounding victory. Still, the judge’s findings included criticism of its business as well as requirements that it stop prohibiting software developers from informing users of alternative payment methods outside their apps. Her decision will be scrutinized by lawmakers, regulators and rivals around the world as they look at ways to rein in the power held by Big Tech and protect digital marketplaces. Rivals pointed to the decision as proof that antitrust laws need to be updated for a new era. “What today’s ruling…makes clear is that antiquated antitrust laws cannot solely be fixed by the courts,” said Match Group Inc., the online dating company. Lawmakers in Congress and Europe have been working on legislation that would have ramifications for Apple’s business.

The Swiss stock market closed with discounts for the fourth day in a row on Friday, ending a weak stock market week. The SMI lost a further 0.5 per cent to 12,061 points. Last Monday, the Swiss benchmark index had peaked at around 12,440 points. Among the 20 SMI stocks, there were 14 price losers and six price winners. 26.52 (previously: 29.56) million shares were traded. In Switzerland, AMS and Logitech advanced by 2.4 and 0.3 per cent respectively. Among the SMI stocks, Holcim fell 0.1 per cent. After negative headlines about terrorist financing, the building materials group came up with the news that it was divesting its Brazil business. However, the price achieved of 1.025 billion dollars was at the lower end of the expected price range. Luxury goods stocks Swatch (+0.6%) and Richemont (+2.8%) made a mighty move higher. US President Joe Biden had spoken on the phone with his Chinese counterpart Xi Jinping. There was talk in the trade of a rapprochement between the two countries, which could only be beneficial to the business of Swatch and Richemont. China is one of the most important markets for both companies.

European indices lost ground in late trading on Friday, caught up in growth fears and uncertainty over the spread of the Delta variant of the coronavirus. The Stoxx Europe 600 index lost 0.3%, a weekly decline of 1.2%, to 466.3 points. In Paris, the CAC 40 and the SBF 120 lost 0.3% and 0.4%, respectively. In Frankfurt, the DAX 30 gave up 0.1%, while the FTSE 100 in London gained 0.1%. German consumer prices rose strongly in August, confirming preliminary data, statistics office Destatis said Friday. Consumer prices rose 3.9% on year measured by national standards, in line with the forecast of economists polled by The Wall Street Journal. They rose 3.4% on year by European Union-harmonized standards, also in line with forecasts.Russia’s gas-export monopoly said Friday that construction had been completed on a controversial pipeline to Europe, marking the end of a multiyear geopolitical struggle that has strained U.S.-German relations and served as a test of U.S. resolve amid heightened tensions with the Kremlin. The pipeline, Nord Stream 2, which runs beneath the Baltic Sea, will double the volume of Russian natural gas exported directly to Germany. U.S. officials in three presidential administrations have opposed Nord Stream 2, fearing it would strengthen Moscow’s economic and political sway in Europe. Pirelli & C. SpA said late Tuesday that Chief Financial Officer Francesco Tanzi has resigned to pursue a new professional experience. The resignation is effective Dec. 31. The company said Chief Executive Marco Tronchetti Provera will propose a new candidate at the board meeting scheduled for Nov. 11.

The S&P 500 Index slumped to its worst weekly showing since February, with a broad pullback Friday highlighting investor concerns about a volatile fall ahead. Major indexes wavered for much of the trading session before turning lower late in the day. The S&P 500 dropped 34.70 points, or 0.8%, to 4458.58, falling for the fifth consecutive session, its longest losing streak since February. The Dow Jones Industrial Average slid 271.66 points, or 0.8%, to 34607.72. The technology-focused Nasdaq Composite dropped 132.76 points, or 0.9%, to 15115.49. The S&P 500 and Dow fell 1.7% and 2.2%, respectively, for the week, their biggest such declines since June. The Nasdaq lost 1.6% this week, finishing its worst week since July. America’s biggest food-delivery apps are fighting regulators in their top markets, escalating a battle over how restaurants and consumers should be charged after the pandemic prompted a shift to their platforms. DoorDash Inc., Grubhub Inc. and Uber Technologies Inc. sued New York City late Thursday, calling the city’s decision to permanently cap what they could charge restaurants “unconstitutional, harmful and unnecessary.” DoorDash and Grubhub sued San Francisco in July after the city imposed a similar limit. Hertz Global Holdings Inc. is in talks to name a new chief executive officer, as the car-rental company resets after emerging from bankruptcy under new ownership, people familiar with the matter said. CEO Paul Stone has had the top job at Hertz since May 2020, taking the position days before the company filed for bankruptcy protection. Hertz exited chapter 11 earlier this year and is now controlled by an investor group led by Certares Management LLC and Knighthead Capital Management LLC.

At the start of the new week, most stock markets in East Asia and Australia are more or less treading water. In the rather quiet environment, the Hong Kong stock exchange stands out with a sharp drop of 2 per cent in the leading HSI index.

Treasury yields remained largely rangebound in Asia, following gains on Friday.

JPM lowers the BNP Paribas to Neutral (Overw.) – Target 61 (65) EUR
HSBC rises LVMH to Buy (Hold) – Target 760 (710) EUR
UBS rises the Dt. Telekom target to 24,20 (24) EUR – Buy

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