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Morning Market Roundup: Apple Smashes Sales, U.S. Submits to World Trade Org., EU Mulls Expansion of Bailout

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Here’s what’s important in the business world this morning:

Apple iPhone 5s: Apple Inc. said Monday that it has sold more than 5 million units of the new iPhone 5 in the three days since its launch.

Apple shares were down $15.31, or 2.2 percent, at $684.79 in premarket trading.

The iPhone 5, the most eagerly awaited phone of the year, went on sale Friday in the U.S., Germany, France, Japan and five other countries.

When it launched the iPhone 4S a year ago, Apple sold 4 million in the first three days.

Apple could have sold more iPhones if it had more available: demand exceeded supply for most models. The phone will go on sale in 22 more countries this Friday and in more than 100 countries by the end of the year.

EU Bailout Expansion: Germany says eurozone officials are discussing the possibility of boosting the firepower of their new, permanent €500 billion ($650 billion) rescue fund by involving private investors.

Finance Ministry spokesman Martin Kotthaus said Monday that "the discussion in Brussels is not concluded" on the issue and it's not possible to say by how much a so-called leveraging of the fund, the European Stability Mechanism, might increase its power.

Eurozone countries agreed last year that the existing temporary rescue fund, the European Financial Stability Facility, could be leveraged, but the possibility has never been used.

Kotthaus said that, whatever happens, Germany's total liability of up to €190 billion won't increase and any agreement would need the German Parliament's approval. The new ESM is expected to start work next month.

U.S. Submits to WTO Authority: The United States Trade Office says the U.S. government has responded to and complied with a World Trade Organization ruling that found the U.S. had provided illegal subsidies to Boeing Co.

The U.S. and the European Union have been at odds over subsidies to the world's top two plane makers -- Boeing and Europe's Airbus. A WTO panel has also ruled that European governments provided $18 billion in subsidies to Airbus, though not all were deemed illegal.

The trade office claimed the U.S. had complied with the March WTO ruling by stopping select payouts to Boeing through NASA and the Pentagon, and by removing some beneficial tax and funding policies. It did not specify a cost of the measures.

The EU said Monday it will review the U.S. compliance measures.

Stock Futures: Stock futures slid Monday as investors, with few indicators from the U.S., pored over more gloomy economic data out of Europe.

Dow Jones industrial futures fell 48 points to 13,452. The broader S&P futures slipped 5.9 points to 1,446. Nasdaq futures gave up 17.25 points to 2,835.25.

Germany's Ifo index of business confidence fell for a fifth consecutive month, revealing the headwinds faced by even Europe's biggest and strongest economy. The Ifo index dipped to 101.4 in September from 102.3 in August. The report was troublesome to many because economists had expected the index to remain at least flat.

The Associated Press contributed to this report.

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