The daily business briefing: October 10, 2019

1. Stocks fluctuate as U.S., China head into high-level trade talks

U.S. stock index futures fluctuated early Thursday, hours before the start of high-level talks between the U.S. and China on ending their trade war. Futures dropped after the South China Morning Post reported that lower-level preparatory talks had resulted in no progress, and that the high-level team led by Vice Premier Liu He now planned to stay for just one day of talks. The three main U.S. indexes then regained some ground after the White House told CNBC the report was wrong. "We are not aware of a change in the vice premier's travel plans at this time," a White House spokesperson said. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq were all essentially flat ahead of the start of trading.

CNBC South China Morning Post

2. American Airlines extends Boeing 737 Max cancellations to Jan. 15

American Airlines said Wednesday it was extending flight cancellations for its Boeing 737 Max jets through Jan. 15. Boeing has said the jets, which were grounded worldwide after two deadly crashes, would be ready to fly again before the end of the year. Regulators are reviewing software changes Boeing has come up with to fix a flight control system blamed for contributing to the crashes. There is no firm timetable for flights to resume. American, the largest U.S. airline, canceled 9,475 flights in the third quarter. Meanwhile, Boeing on Tuesday reported that it delivered about half the aircraft by the end of September as it did by the same point last year.

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Reuters

3. China NBA fan event canceled as backlash continues over tweet

Chinese organizers on Wednesday canceled a fan event ahead of a Thursday National Basketball Association exhibition game between the Brooklyn Nets and the Los Angeles Lakers in Shanghai. The move was the latest in a flurry of retaliation by China after Houston Rockets general manager Daryl Morey tweeted support for anti-government protesters in Chinese-ruled Hong Kong. NBA Commissioner Adam Silver later expressed support for Morey's right to express his views. The Shanghai Sports Federation said it scrapped the event because of the "inappropriate attitude" demonstrated by Morey and Silver. Other sponsors and broadcasters also have distanced themselves from the NBA in China, a key international market for the U.S. professional basketball league.

Reuters

4. PG&E cuts power to Californians to reduce fire threat

Pacific Gas & Electric on Wednesday cut power to as many as 800,000 customers in California to keep its equipment from igniting wildfires in "one of the most severe dry wind events we've seen in our territory in recent years." California's largest utility company apologized in advance for what was expected to be massive and widespread inconvenience from the blackouts, which started in the northern part of the state. Faulty PG&E electric transmission lines were blamed for starting devastating fires last year, including the Paradise fire, which killed 86 people and destroyed 1,900 buildings. PG&E faces billions of dollars in liability over that blaze, which has been deemed the worst wildfire in California history.

CBS News

5. Report: 20 companies responsible for 35 percent of carbon emissions

Twenty of the world's biggest fossil fuel companies have produced 35 percent of all energy-related carbon emissions since 1965, according to a new analysis by Richard Heede at the Climate Accountability Institute reported in The Guardian. The firms include Chevron, ExxonMobil, and BP, which contributed the second, fourth, and sixth most tonnage of carbon dioxide, respectively. Twelve of the 20 companies are state-owned entities, including Saudi Aramco, Russia's Gazprom, and the National Iranian Oil Company. Aramco alone accounted for more than 4 percent of emissions, leading the pack. "These companies and their products are substantially responsible for the climate emergency, have collectively delayed national and global action, and can no longer hide behind the smokescreen that consumers are the responsible parties," Heede wrote.

The Guardian