Tuesday Morning Reads

Economy

The new round of tariffs, which will impose 10% duties (set to rise to 25% at the end of the year), seemed to spare some key consumer products. Merchandise codes that cover Apple's (NASDAQ:AAPL) Watch and AirPods, as well as smartwatches made by Fitbit (NYSE:FIT), were not on the American government's list. Safety items made in China, such as bicycle helmets sold by Vista Outdoor (NYSE:VSTO) and baby car seats and playpens from Graco (NYSE:GGG), were also taken off.

Property damage and disruption from Hurricane Florence is expected to total at least $17B-$22B, according to Moody's Analytics, but the estimate could end up being conservative as the Carolinas continue to face historic rainfalls and flooding. The anticipated loss to economic output is $1B-$2B, amounting to about a 0.2 percentage point hit to GDP, said Mark Zandi, chief economist at Moody's Analytics.

South Korean President Moon Jae-in has arrived in Pyongyang for a three-day summit with Kim Jong-un aimed at reviving inter-Korean relations and stalled nuclear negotiations between the U.S. and North Korea. Underscoring the emphasis on trade and economic engagement, several prominent business leaders accompanied Moon, including Lee Jae-yong, the heir to the Samsung conglomerate (OTC:SSNLF).

Urging lenders to venture out beyond their home country, Mario Draghi advised eurozone governments today to shore up the region's banking sector, including creating a common insurance plan for bank deposits. It comes after the ECB president said the central bank has no plans for a crypto euro. Such technologies "require substantial further development," he added, and there is no "concrete need."

Stocks

For the first time, a streaming service has claimed top honors at the Emmys, as Netflix (NASDAQ:NFLX) tied HBO (NYSE:T) for the overall awards lead. The streaming era has already turned the TV business upside down, with each outlet taking home 23 of the television industry's top honors. Amazon Prime Video (NASDAQ:AMZN) also collected eight statuettes - all for outstanding comedy series winner The Marvelous Mrs. Maisel.

The Windy City is getting the next Amazon Go (AMZN) checkout-free store, the first outlet to open outside a trio of Seattle locations. It's part of the online retail giant's push into brick-and-mortar, which includes last year's acquisition of Whole Foods. Besides Chicago, Amazon plans to open five more cashierless stores by the end of 2018.

Deepening its smart home ecosystem, Amazon (AMZN) plans to additionally release at least eight new Alexa-powered devices, according to CNBC sources. The devices - which can easily connect to the voice assistant or have Alexa built in - include a microwave, amplifier, receiver, subwoofer and in-car gadget that may be revealed at an event later this month.

The CEO of JD.com (NASDAQ:JD), Richard Liu, will no longer appear at a high-profile state-run tech forum in Shanghai this week hosted by China's National Development and Reform Commission. Other speakers at the event include Alibaba's (NYSE:BABA) Jack Ma, Tencent's (OTCPK:TCEHY) Pony Ma and Baidu's (NASDAQ:BIDU) Robin Li. Liu was arrested in Minnesota on Aug. 31 after an allegation of rape, but was released the following day and remains under investigation by U.S. police.

Following reports of talks with Aurora Cannabis (OTCQX:ACBFF) Coca-Cola (NYSE:KO) said it was closely watching the fast-growing marijuana drinks market for a possible entry. Molson Coors (NYSE:TAP) has already announced a joint venture with Hydropothecary to develop cannabis drinks, while Diageo (NYSE:DEO) is in talks with at least three Canadian cannabis producers about a possible deal.

Carmakers have been reluctant to hand control of their infotainment systems to tech rivals, but the Renault-Nissan-Mitsubishi Alliance (OTCPK:RNLSY, OTCPK:NSANY, OTC:MMTOY) - which sells more vehicles than any other automaker - just picked Google's (GOOG, GOOGL) Android to power its next-generation media system. The new interface will debut in 2021, giving drivers better integration of Google's maps, app store and voice-activated assistant from the vehicle’s dashboard.

Taking aim at the home turf of rival Tesla (NASDAQ:TSLA), Audi (OTCPK:AUDVF) has unveiled its e-tron midsize SUV, which will be offered in the U.S. next year at a starting price of $75,795 (before a $7,500 tax credit). A range wasn't disclosed, but the EV is expected to get more than 295 miles when fully charged. Audi is also partnering with Amazon (AMZN) to sell and install the e-tron's home charging systems as the latter expands its reach into consumers' homes.

Calling it a "new era in emission-free rail transport," European railway manufacturer Alstom (OTCPK:ALSMY) has launched the world's first hydrogen fuel cell train. The Coradia iLint, which enters commercial service in Germany this week, can run for around 1,000 kilometers on a single tank of hydrogen, similar to the range of diesels. Alstom plans to deliver another 14 of the zero-emissions trains to Lower Saxony by 2021.

President Trump's planned creation of a Space Force could cost nearly $13B in its first five years, according to an internal document written by Air Force Secretary Heather Wilson. She proposes pushing ahead with the transition to a Space Force - a separate military branch that would require congressional approval - whose main focus would be competition with Russia and China. Related: BA, NOC, LMT, AJRD, SPACE, BORGN

The first private passenger that will voyage around the moon has been named as Japanese billionaire Yusaku Maezawa, the founder and CEO of online fashion retailer Zozo. He'll be riding aboard SpaceX's (SPACE) forthcoming Big Falcon Rocket spaceship for a flight tentatively planned for 2023. The launch is expected to take the race to commercialize space travel to new heights.