Wk50..10 Dec 2018 05:30
Asian mrkts closed mixed on Friday (2up, HK down) but little significant movement in the indices.
However the US mrkts poor Fri performance (Dow off 4.5%) has impacted on the region at the start of wk 50. The Nikkei off 470, HK 400 & SH down 24.
Sentiment already bruised by the Huwaei affair was not
helped by data out of Beijing showing China exports had declined markedly in Nov as global demand weakened. Imports rose 3% to c.$187bn well lower than October's 20% surge.
Pan Pacific mrkts followed the Street, China & the Huawei CFO arrest in Canada.
Huawei is one of China's 'poster' Companies and has grown phenomenally this last decade. Sales up from $5bn to $80bn. It now outstrips Apple in shipment of mobs and outspends Google on R&D by some $4bn pa and it's not just mobiles they have a huge prescence in telephone communication networks worldwide, though banned in the US on security grounds.
Other countries are now dancing to Trumps tunes, Australia, NZ & UK's BT will not use Huawei equipment and others are having their arms twisted by Uncle Sam to blank Huwaei.
The CFO is heiress to the Huwaei business empire and faces extradition to the US on a number of unknown charges. She admits no wrongdoing and remains in custody pending a court hearing today.
The nos: Oil $ 61.94. Gold $1254.
£$ 1.274. £€ 1.115. Coin $3523.
Vix 23. MSCI 474. FF -70, DF -166.
The ftse opens at (6778), 910 down on last year, the Dow at (24389), 330 lower.
Morning all.