TOP NEWS
* Anheuser-Busch InBev SA's Asia-Pacific arm Budweiser Brewing Co. APAC Ltd.'s stock rose to as much as HK$28.90 from its offer price of HK$27 when it started trading in Hong Kong. The stock opened at HK$27.40 and closed 4.4% higher at HK$28.20.
* Washington Gov. Jay Inslee asked state agencies to ban flavored and cannabis-derived vaping products amid a nationwide surge of lung diseases related to e-cigarettes. The governor is also looking to redirect cannabis education funds for a vaping awareness campaign and require manufacturers to disclose the content of their products.
FOOD RETAIL & DISTRIBUTION
* Tesco PLC is considering selling its struggling Polish arm as the British grocer focuses on its local operations, Bloomberg News reported, citing people familiar with the situation. Tesco Poland did not immediately respond to S&P Global Market Intelligence's request for comment.
* Japanese retailer Seven & i Holdings Co. Ltd. expects a 1% growth in operating profit to ¥200 billion for the six months ending August, the Nikkei Asian Review reported, citing unnamed sources. The company has reportedly recovered from a data breach on its 7Pay mobile payment app that resulted in a 1.2% year-over-year decline in sales from its Seven-Eleven Japan Co. Ltd. retail chain in July. The Japanese retailer will report half-year earnings on Oct. 10.
* Australian food retailer Coles Group Ltd. said it is trialing a waste management program under which it will send zero waste to landfill. As part of the trial, Coles' supermarket in Sydney's Wentworth Point will find new ways to recover residual dry waste, focus on source separation and collaborate with new facilities to use waste as a resource.
* New York-based food and cooking platform Food52 Inc. divested a majority stake to venture firm TCG Capital for $83 million, The Wall Street Journal reported. The stake sale reportedly values the e-commerce retailer at more than $100 million, but the companies declined to be more specific.
* Walmart Inc. said it has achieved its goal of sustainably sourcing coffee for its private brands one year ahead of its target of 2020. The retailer said its U.S. stores now sell coffee certified by third-party groups Rainforest Alliance and Fair Trade.
* Japanese automotive components manufacturer Denso Corp. said it has partnered with Global Mobility Service Inc. to begin testing a refrigerated food delivery service in Indonesia, starting October. The companies aim to build a cold chain logistics network in the country through the test.
BEVERAGES
* Brown-Forman Corp. has appointed Sophia Angelis as managing director for its Jack Daniel's whiskey brands, effective Jan. 1, 2020. Angelis currently serves as senior vice president and marketing director for the company's international division.
TOBACCO & SMOKING PRODUCTS
* U.S. officials investigating a mysterious illness linked to vaping said the affected patients reported using THC — the high-inducing component of cannabis — more often than nicotine, according to data released by the Centers for Disease Control and Prevention. Officials do not know the cause of the outbreak but prefilled THC cartridges may play a role, the CDC said.
* India has no plans to roll back its ban on e-cigarettes despite increasing protests and court challenges against the action, Reuters reported, citing an Indian health ministry official.
PACKAGED FOODS
* Nestlé SA is rolling out paper straws for its packaged beverages in Indonesia and Malaysia to replace plastic straws. The Swiss food and beverage company said it will begin introducing paper straws to its Lively Yuzu and Cool Coconut brands in Indonesia in the fourth quarter of 2019, and to its Milo drink packs in Malaysia starting December.
* Pet food producer Freshpet Inc. appointed Olu Beck as an independent director on its board, effective Oct. 1. Beck replaces Jonathan Marlow who resigned, effective Sept. 26.
* French frozen food producer Bonduelle SA expects moderate revenue growth of 1.5% to 2.5% in fiscal 2019-2020 due to macroeconomic and geopolitical uncertainties, unfavorable climate, and the impact of inflationary costs. For the fiscal year ended June 30, the company reported 0.3% increase in its consolidated net profit to €72.6 million.
* Mississippi-based egg producer Cal-Maine Foods Inc. reported diluted loss per share of 94 cents in the first quarter of fiscal 2020, compared with diluted EPS of 26 cents in the year-ago period. For the three months ended Aug. 31, the company incurred an impairment charge of $2.9 million, related to decommissioning some less efficient production facilities, that drove net sales down by 29.2% year over year to $241.2 million from $340.6 million.
RESTAURANTS
* Quick-service restaurant operator Jack in the Box Inc. announced three company departures: Phillip Rudolph, executive vice president, chief legal and risk officer, is set to leave on Feb. 28, 2020; while Mark Blankenship, executive vice president and chief of staff and strategy, and Paul Melancon, senior vice president, will depart from the company Jan. 3, 2020.
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The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, Hang Seng lost 0.33% to 25,954.81, while the Nikkei 225 dropped 0.77% to 21,878.90.
In Europe, around midday, the FTSE 100 slipped 0.25% to 7,407.99, and the Euronext 100 shed 0.06% to 1,092.48.
On the macro front
The Chicago PMI and the Dallas Fed Manufacturing Survey are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
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