Indonesia is close to a deal with Apple Inc over an investment plan that would lift a ban on iPhone 16 sales in the country, according to a government minister.

Apple shares are down 1.3% after Jefferies downgraded the tech giant from Hold to Underperform and reduced the price target from $211.84 to $200.75, citing weak iPhone sales. Shares of Walgreens Boots Alliance are falling 7% after the U.S. Justice Department sued the drugstore chain for allegedly helping fuel the opioid crisis.

Apple is once again the world's most valuable brand. Brand Finance, the world's leading brand valuation consultancy, values Apple's brand at USD574.5 billion, ahead of second-placed Microsoft (USD461 billion).