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^FINANCIAL MARKETS
Stocks wobble
NEW YORK (AP) _ Stocks are wobbling between gains and losses as investors remain cautious about the prospects of a full trade agreement between the U.S. and China.
Technology and health care stocks were rising in midday trading but several other sectors were lower, including energy, which was being held back by a drop in the price of crude oil.
Western Digital added 1.6%, but Occidental Petroleum fell 1.4%.
Small-company stocks fell. More stocks fell than rose on the New York Stock Exchange.
Bond markets are closed for the Columbus Day holiday.
^PENSION FUND-CONTRACT
Michigan ends pension contract over investor’s comments
LANSING, Mich. (AP) — The state of Michigan's retirement systems have ended a contract with an investment company that managed more than $600 million in pension funds after the CEO made "completely unacceptable" comments at a conference.
The Michigan Department of Treasury's Bureau of Investments fired Fisher Investments last week. The decision came two days after the Camas, Washington-based company's founder and CEO Ken Fisher spoke at the Tiburon CEO Summit in San Francisco.
CNBC obtained audio of Fisher referencing genitalia. The Washington Post reported that he spoke of doing acid and his belief that charities are immoral.
The retirement system's chief investment officer, Jon Braeutigam, notified Michigan's investment board of the move Thursday. He said, "There is no excuse to not treat everyone with dignity and respect."
Michigan's retirement systems have more than $70 billion in assets.
^WEWORK-FINANCING
Report: Softbank could take control of WeWork
NEW YORK (AP) — Japanese investment firm Softbank could take control of WeWork as part of a financial package to address the company's cash crunch since its botched effort to sell the public its stock, according to The Wall Street Journal.
The deal would further sideline co-founder Adam Neumann, who resigned as chief executive last month but still wields influence over the company because his shares carry higher voting power. SoftBank, the office-sharing company's biggest investor, is aiming to invest several billion dollars in new equity and debt, The Journal reported, citing people familiar with the matter.
WeWork declined to comment on the Softbank package. In statement, the New York company said it has retained a major Wall Street institution to arrange financing and was meeting with "60 financing sources."
Softbank declined to comment.
^BREXIT
Spanish official puts Brexit onus on Johnson
LONDON (AP) — Spain's foreign minister says he expects Brexit deal negotiations to go down to the wire and he thinks it's up to British Prime Minister Boris Johnson to provide a happy ending.
Spanish Foreign Minister Josep Borrell said in an interview with The Associated Press today that preventing a chaotic no-deal Brexit doesn't depend on European Union negotiator Michel Barnier, but whether Johnson brings a different attitude to Brussels.
The EU has been dismayed by Johnson's hard-line pro-Brexit language at home and apparent unwillingness to veer far from his last proposals for a deal.
Borrell said: "In Spain, we will do our utmost to avoid the situation, but if Mr. Johnson continues having the same attitude that he has been displaying at home, it is going to be very difficult."
^GERMANY-LUFTHANSA
Union calls on Lufthansa cabin crew to strike on Sunday
BERLIN (AP) — A union is calling on cabin crew at German airline Lufthansa to walk off the job for five hours next weekend in a long-running dispute over pay and the union's status.
The UFO union says it’s urging cabin crew and pursers at Frankfurt and Munich airports, Germany's busiest, to walk out between 6 and 11 a.m. (0400 and 0900 GMT) on Sunday.
The union says further strike calls "are possible at any point from now on" and it accuses the airline of waging a power struggle against small, specialized unions.
Lufthansa has rejected talks with UFO in recent months because of doubts over the legal status of its leadership. The union has been engaged in an internal leadership struggle.
^GERMANY-CONDOR
EU OKs $419M German loan for Thomas Cook airline Condor
BERLIN (AP) — The German government says the European Union has approved its decision to grant airline Condor, a subsidiary of collapsed tour operator Thomas Cook, a 380 million-euro ($419 million) bridging loan to keep it in the air.
Condor applied for the loan last month to tide it through the winter after British-based Thomas Cook ceased operations.
The airline, which has been profitable, has nearly 60 planes and 4,900 employees. Condor's management is looking for new investors.
^CHINA-AUTO SALES
China's auto sales sink 6.3% in September
BEIJING (AP) — China's auto sales sank 6.3% from a year earlier in September, putting the market on track to shrink for a second straight year at a time when brands are spending heavily to meet government targets to develop electric cars.
The China Association of Automobile Manufacturers, an industry group, is reporting that sales of sedans, SUVs and minivans in the global industry's biggest market declined to 1.9 million.
Demand has been hurt by consumer jitters over a trade war with Washington and slowing economic growth.
Sales have been recording negative growth since June 2018.
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