Archives of “May 2019” month

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Chinese president Xi: We should defeat various domestic, foreign risks and challenges

  
Analysis, Politics

Comments by Chinese president Xi Jinping

  • Says to step up technology innovation, expand industrial chain
  • Says to push forward with quality manufacturing in the country
  • Says to speed up development of core technologies with own intellectual property
Yup, sure looks like China will be keeping to itself now and the language here certainly is a subtle message to the US in the trade dispute we’re currently seeing.
“You sayin’ I stole some intellectual property, man?”

Nikkei 225 closes higher by 0.05% at 21,283.37

  
Analysis, Global Indices

Tokyo’s main index ends near flat levels, but closer to the lows today

Nikkei 22-05

Japanese stocks had quite a bit to deal with in the session today with trade balance data suggesting that exports are showing a further slump but domestic demand is seen improving. However, US-China trade tensions are still seen lingering in the region and that didn’t really help with the mood in the final two hours of trading.

Elsewhere in Asia, Chinese stocks are on the back foot with the Shanghai Composite down by 0.6% currently. That should lend to a slightly more cautious mood as we begin European trading, with US equity futures also down by 0.1% on the day.

US reportedly weighs blacklisting of up to five Chinese surveillance firms

  
  Analysis

Bloomberg reports

The report says that the US is considering cutting off the flow of vital American technology to as many as five Chinese companies including Hangzhou Hikvision Digital Technology. Adding that the US is deliberating whether to add Hikvision, Zhejiang Dahua Tecnology and several others to a blacklist that bars them from US components or software.
Citing people familiar with the matter, there’s concern that Hikvision’s or Dahua’s cameras, which come with facial recognition capabilities, could be employed in espionage. So far, only the two companies above are cited in the report. The other companies associated or potentially included are unknown at the moment.
Regardless, this will just continue to escalate tensions between the two countries. As mentioned before, things are likely to get worse before they get better as both sides play hard ball. The story above goes in line with the earlier report by the NYT here.

NY Times reports “Trump Administration Could Blacklist Chinese Surveillance Technology Firm”

  
Analysis, Politics

If so it’ll inflame trade tneions once again.

Says the NYT, citing unnamed ‘people familiar with the matter’:
  • Trump administration considering limits to a Chinese video surveillance giant’s ability to buy American technology
  • would effectively place the company, Hikvision, on a United States blacklist
  • would mark the first time the Trump administration punished a Chinese company for its role in the surveillance and mass detention of Uighurs, a mostly Muslim ethnic minority.
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You’ll have noticed yen crosses on the slide just a wee bit in past minutes/halfhour or so. Could be related?

US stocks move higher after US eases restrictions on Huawei

  
Analysis, US Market

Nasdaq climbs 1% on the day. S&P up 0.8%

The major US stock indices rose in trading today on the back of the US easing of restrictions on Huawei (and reliant companies).
The final numbers are showing:
  • S&P index +24.13 points or 0.85% at 2864.36
  • NASDAQ index +83.348 points or 1.08% at 7785.72
  • Dow industrial average +197.43 points or 0.77% at 25877.33
Some winners today included:
  • Alcoa, +3.15%
  • DuPont, +3.06%
  • micron, +2.95%
  • Southwest air, +2.63%
  • Bristol-Myers Squibb, +2.42%
  • AMD, +2.51%
  • Square, +2.39%
  • Nviidia, +2.18%
  • Intel, +2.07%
  • Caterpillar, +2.03%
  • Apple, +1.92%
Losers on the day included:
  • Procter & Gamble, -0.85%
  • Pepsi, -0.72%
  • General Mills, -0.61%
  • Philip Morris, -0.55%
  • Coca-Cola, -0.53%
  • Ford, -0.49%
  • travelers, -0.48%
  • Walmart, -0.39%
  • Chipotle, -0.3%
  • Johnson & Johnson, -0.23%
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