Money: How a Chinese executive you never heard of is croaking the stock market - PressFrom - Canada

MoneyHow a Chinese executive you never heard of is croaking the stock market

19:45  06 december  2018
19:45  06 december  2018 Source:

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How a Chinese executive you never heard of is croaking the stock market© Ng Han Guan/AP Huawei CFO Meng Wanzhou, shown here on a computer at a company store in Beijing.

Did the U.S. break the trade cease-fire? The stock market — which is plummeting again this morning — sure thinks so.

U.S. investors had the day off yesterday as the nation mourned the loss of former president George H.W. Bush. They needed it after a terrible Tuesday, when the S&P 500, a broad gauge of U.S. stocks, fell 3.4 percent. Unfortunately, things seem to be getting worse.

U.S. stock tumbled at the open this AM after steep declines in Asia and Europe. The Dow Jones industrial average sank more than 400 points, while S&P 500 resumed its slide after one of the biggest routs of the year.

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So, how do you know when the stock market is overbought? One way is to follow an index that tracks whether more money is coming into advancing The TRIN index is a measure of how much volume is behind advancing and declining shares. Richard Arms developed this index, which is also known as

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Why the dark mood? Well, investors are still worried that the U.S. economy is starting to run out of steam. And then there is the constant fretting over Brexit and the direction of oil prices (down a lot so far today).

But the biggest worry is that the trade truce announced over the weekend by President Trump and Chinese leader Xi Jinping has already fallen apart. Terms of that deal were sketchy at best, and U.S. officials were hard-pressed to back up yet another Trump claim of a big win for America (see: the Saudis' "pledge" to buy billions in U.S. arms and, of course, the end of the North Korean nuclear threat).

Then came the news that Canada, at the request of the U.S., had detained the chief financial officer -- and daughter of the founder -- of China's Huawei Technologies, the biggest manufacturer of equipment used by telecom and Internet carriers. The U.S. may seek to extradite the executive, Meng Wanzhou, on allegations that she was helping the company evade U.S. sanctions on trade with Iran.

North American stocks plunge in early trading

North American stocks plunge in early trading North American stocks plunge in early trading

One of China 's best-performing stocks this month is a tiny glass company you 've never heard of — but nobody seems to know why. State-owned Luoyang Glass is the best performer in the Shanghai Composite so far this month, up 37 percent as of Wednesday morning.

Recently, rumors that Jianlin was detained while trying to leave China have swarmed and caused the share price of its hotel development business to slide 11%, before stabilizing. The company, however, is denying the reports, and says the claim was ill-intended, according to a statement.

The Chinese government is demanding Meng's release, and the international incident threatens to scuttle any progress the president made in his art-of-the-deal negotiations with Xi at the G-20 meeting in Argentina, even though China earlier this week indicated it was committed to finding a resolution to the tariff war.

Huawei (pronounced "whah way") is hardly a household name here, but the company has long been a target of the U.S. government, which considers it a national security threat. How so? Because its products are integral to communications networks around the world, the U.S. suspects that Chinese leaders rely on Hauwei to steal government and corporate secrets. Huawei and Beijing have dismissed those allegations.

Moreover, there is that question of violating sanctions by selling equipment to Iran, which the U.S. Department of Justice has been investigating since earlier this year.

In other words, Hauwei is caught up in two major U.S. obsessions: fear that China is using espionage to challenge US economic supremacy, and Iran, which the Trump administration is hell-bent on bringing to its knees by sanctions and any other means at its disposal.

It's a big mess, and it may cost our retirement plans a lot of money.

BlackBerry Q3 beats estimates, stock up.
BlackBerry Q3 beats estimates, stock up

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