Nikkei tumbles to more than 2-week low, growth worries hit export stocks-Huawei files motion in US court to block ban of technology sales
TOKYO, May 29 (Reuters) - Japan’s Nikkei tumbled to a more than two-week low on Wednesday morning, weighed by companies with large exposure to China, such as those in the chip sector, reflecting persistent concerns about U.S.-China trade frictions.
The worries about the trade war and its impact on global growth drove the a rally in world and local bonds and a selloff in financial stocks.
Asian markets fell in early trading Wednesday, following losses on Wall Street as the trade war between the U.S. and China showed no signs of thawing.
Late Tuesday, the U.S. decided not to label China a currency manipulator, although it was on a list, along with eight other countries, whose trade surpluses with the United States and other indicators are being closely tracked.
Also late Tuesday, Huawei Technologies Co. filed a motion in U.S. court challenging the constitutionality of a law that limits its sales of telecom equipment.
Australian shares follow global market down as trade worries bite; NZ falls
https://www.reuters.com/article/australia-stocks-midday/australian-shares-follow-global-market-down-as-trade-worries-bite-nz-falls-idUSL4N2350JV
The Chinese markets are being bolstered by this:
China central bank makes biggest daily net OMO injection in over four months
OMO=Open Market Operation.
SHANGHAI (Reuters) - China’s central bank said it will inject 270 billion yuan ($39.09 billion) through seven-day reverse bond repurchase agreements on Wednesday, traders said.
On a net basis, the People’s Bank of China (PBOC) will inject 250 billion yuan into the market for the day, as 20 billion yuan worth of reverse repos are set to expire on Wednesday. The amount of daily net cash injection via reverse repo operations is the biggest since Jan.17, 2019.
https://www.reuters.com/article/us-china-openmarket-repo/china-central-bank-makes-biggest-daily-net-omo-injection-in-over-four-months-idUSKCN1SZ050?il=0
If they had not done this it would be down by at least 3-4% easily-pepe warned about this on friday "wait until next week" was the quote.
Our Futures are down accordingly-these are the games being played by the system.
See Cap#3
Cap#4 shows oil trending down to it's recent support level in concert with our futures.
https://www.bloomberg.com/markets/stocks/futures
https://www.cnbc.com/asia-markets/
https://www.dailyfx.com/crude-oil
> silver certificates that WEREN'T Federal Reserve Notes
that is EXACTLY what got him killed, among other things. Was no perhaps about it.
Huawei asks U.S. court to declare defense bill 'unconstitutional'
HONG KONG (Reuters) - China’s Huawei Technologies Co Ltd has filed a motion for summary judgment in its lawsuit against the U.S. government, according to a court filing in the United States, in the telecoms equipment maker’s latest attempt to fight sanctions from Washington that threaten to push it out of global markets.
The motion filed late Tuesday in the U.S. District Court for the Eastern District of Texas asks to declare the 2019 National Defense Authorization Act (NDAA) unconstitutional, in an update to the lawsuit against the act that the Chinese company started in March.
The NDAA bill, passed into law by the U.S. Congress last summer, places a broad ban on federal agencies and their contractors from using Huawei equipment on national security grounds, citing the company’s ties with the Chinese government.
Huawei has repeatedly denied it is controlled by the Chinese government, military or intelligence services.
The world’s largest telecom network gear maker has since faced even greater sanctions as the U.S. commerce department on May 16 put the firm on a trade blacklist that bans companies from doing business with Huawei, in a move which immediately disrupted the global tech sector.
The ban comes amid an escalating trade dispute between the world’s two biggest economies.
Huawei, which has been given a 90-day reprieve from the ban, has denied that its products pose a security threat and protested Washington’s attempts to limit its business.
Song Liuping, Huawei’s chief legal officer, wrote in the Wall Street Journal on Monday that the law is a violation of due process as it “directly and permanently applies to Huawei without opportunity for rebuttal or escape”.
“This is the tyranny of ‘trial by legislature’ that the U.S. Constitution prohibits,” Song wrote.
https://www.reuters.com/article/us-huawei-tech-usa-filing/huawei-asks-u-s-court-to-declare-defense-bill-unconstitutional-idUSKCN1SZ08C
that was the china and 'secret' NK trip. But that trip in early Nov '17 was pretty hairy even when he was there. Still had much to deal with on the ground too. Japanese not as woke as they are now.
>So much to remember.
For sure. It was overwhelming early last year but better now. So close…..