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Huawei unveils own mobile operating system to rival Google’s Android

  
  Analysis
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China’s Huawei Technologies on Friday unveiled its own smartphone operating system which it said could replace Google’s Android in just “one to two days” if access to the world’s most popular mobile platform were blocked by the U.S.

The tech giant said its Harmony OS — pronounced Hongmeng in Chinese — was more flexible than Google’s Android, capable of supporting all devices from smartphones and smart speakers to wearables, smart displays and next generation automobiles. The system was revealed at Huawei’s annual developers’ conference in Dongguan by Huawei’s Consumer Electronics Group CEO Richard Yu.

“We can start using our Harmony OS anytime for smartphone and the migration from Google’s Android to our own Harmony OS is not that difficult… We can do it in one to two days,” Yu said.

Harmony OS is a key weapon in Huawei’s fightback against the campaign by the U.S. government to restrict the technological development of the world’s second biggest smartphone maker. It will allow the group to offer a common ecosystem of services and applications across all of its consumer devices.

However, in an implicit admission that Harmony OS could struggle in a consumer segment where 80% of all smartphones carry the Google system, Yu said Huawei would continue to prioritize using Android for its smartphones if allowed. (more…)

White House clarifies comments on Huawei

  
Analysis, Economy

Earlier said we will not be doing business with Huawei

Earlier today Pres. Trump while speaking to the press said that US would not be doing business with Huawei. That – along with comments that the September meeting with China might be canceled – sent stocks lower.
The White House is out with a clarification saying that Pres. Trump was referring to only the ban on federal departments buying from Huawei. They add that the process for special licenses is still going forward.
As a result, the stocks have rebounded with the NASDAQ down -81 points or -1.02% at 7957. The low reached 7910.348. The S&P is currently down -22.8 points at 2915.19. The low reached 2900.15.

European equity close: Italy leads the slump on election worries

  
Analysis, Global Indices
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Closing changes for the main European bourses:

  • UK FTSE 100 -0.5%
  • German DAX -1.3%
  • French CAC 40 -1.1%
  • Italy MIB -2.5%
  • Spain IBEX -1.2%
On the week:
  • UK FTSE 100 -2.3%
  • German DAX -1.5%
  • French CAC 40 -0.8%
  • Italy MIB -3.5%
  • Spain IBEX -1.7%

It was a rough week for European stocks but it’s not as quite as bad as it looks (in dollar terms at least) because the euro made some headway. Still, too many of the numbers that have been coming out of Europe have been pointing in the wrong direction.

Trump says he wouldn’t devalue the dollar

  
  Analysis

Trump comment

  • We don’t have to devalue dollar, he says
  • “We’ll see whether or not we keep our meeting in September. If we do, that’s fine. If we don’t, that’s fine.”

The dollar ticked a bit higher on this. Comments out of the White House yesterday were a bit of a hint that he would truly consider action to devalue the dollar. So this takes that risk down but it wasn’t a near-term risk. We’ll see how he feels if the dollar rises 10% in the next 6 months.

Stocks trading at lows. Spooked by Trump comments on China

  
Analysis, US Market

Trump says the US/China September meeting may be cancelled

The US stocks are moving lower pushed down by comments from Pres. Trump that the September meeting with China may be cancelled.
The Nasdaq index has moved back below its 50 day MA at 7936.96 and tested its 100 day MA at 7936.96. The low just reached 7936.32 and are seeing a modest bounce to 7942 currently.
The S&P also fell below its 50 day MA at 2936.32 and back toward the 100 day MA at 2904.00. The price low reached 2908.53. We currently trade at 2912.90.
The Nasdaq is back down testing the 100 day MA

Yuan to head towards 7.10 or 7.15 per dollar by year-end – SocGen

  
Analysis, Forex
  • PBOC will watch carefully on capital outflow dynamics in the near-term
  • Doesn’t want to upset traders too much on the matter
  • If trade tensions continue to escalate, can expect USD/CNY to rise to 7.50
  • PBOC may tighten capital controls if outflows start to pick up
  • However, doesn’t expect pace of capital outflows to be as dramatic as in the past
  • Markets are more prepared to deal with a weaker yuan now
This continues to feed into the narrative as mentioned at the start of the week here and here, in that we should expect a weaker yuan over time given ongoing trade tensions but certainly not any rapid depreciation in the currency.
All this means that we’re experiencing a gradual shift in markets and one that other countries and central banks have to take note of. If anything else, we’re entering a new phase not only in the US-China trade rhetoric but also towards a global currency war of sorts.
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