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Huawei Sues the U.S., Says Congress Acted as 'Judge, Jury and Executioner'
Topic of the day
Huawei Technologies Co. filed a lawsuit challenging a law signed by President Trump in August that restricts federal agencies from doing business with Chinese company, the latest in a series of countermoves by the telecommunications giant. The lawsuit challenges the constitutionality of parts of the National Defense Authorization Act, an annual measure that authorized billions of dollars in military spending and put new limits on federal dollars going to Huawei and its Chinese rival, ZTE Corp. The law also barred federal agencies from buying equipment that uses gear from Chinese companies. "In enacting the NDAA, Congress acted unconstitutionally as judge, jury and executioner," said Guo Ping, one of Huawei's chairmen, in Shenzhen. "Regrettably, the NDAA was enacted to restrict Huawei without giving us the opportunity to defend ourselves." Huawei filed its suit late Wednesday in the Eastern District of Texas, which includes its Plano-based American headquarters. It says it is the target of an unconstitutional "bill of attainder," in which a person or entity is found guilty of a crime via an act of legislation.
The SMI rose just 4 points to 9,403 points Wednesday. With no new stimulus and the effects of previous drivers dissipating, there was increased caution on global markets, but no big sell-offs. Hopes of a successful US-China trade agreement and of further easing in monetary policy seem to be priced in now too. Movement could come Thursday from the US Beige Book, due out late Wednesday, and the ECB meeting, and on Friday from the US labour market report. The SMI has the added damper that the air is getting thinner as it nears its January all-time high. Luxury goods stocks continued to be buffeted by worries about the Chinese economy after scepticism about future growth was voiced at the national People’s Congress, with Swatch down 1.3 percent and Richemont falling 1.2 percent. Cyclical stock Lafargeholcim slid 0.6 percent after the OECD lowered its global growth forecast. Index heavyweights buoyed the market, with Novartis, Nestle and Roche gaining between 0.1 percent and 0.5 percent.
The Stoxx Europe 600 Index finished down 0.16 point, or 0.04%, to 375.48, the largest one-day point and percentage decline since Feb. 27. With the move, the index snapped a four trading day winning streak. The index now is off 9.32% from its record close of 414.06 hit on April 15, 2015. The DAX closed off 33.11 points, or 0.28%, to 11587.63, the largest one-day point and percentage decline since Feb. 27. The index now is down two of the past three trading days and is off 14.54% from its record close of 13559.60 hit on Jan. 23, 2018. The CAC-40 Index, meanwhile, was down 8.71 points, or 0.16%, to 5288.81, the largest one-day point and percentage decline since Feb. 27. With the decline, the index snapped a four-trading-day winning streak. But the FTSE 100 Index was up 12.57 points, or 0.17%. to 7196.00, and now has been up for four consecutive trading days and is up 121.27 points, or 1.71%, over the last four trading days. The index saw its largest four-day point and percentage gain since Feb. 14.
U.S. stocks fell for a third consecutive session intraday, continuing a recent pullback as analysts looked ahead to an update on global trade policy and Friday's jobs report. The Dow Jones Industrial Average dropped 120 points, or 0.4%, to 25686, extending its slide in midday trading. The S&P 500 shed 0.6%. Both benchmarks were on track for a sixth decline in the past seven sessions, though they remain up more than 10% for the year. The tech-heavy Nasdaq Composite declined 0.8%. Stocks have pared a sliver of their powerful 2019 recovery this week as investors weigh the latest economic data points. While steady U.S. growth figures have reinforced confidence in the nearly 10-year-old expansion, some analysts are worried that the data could push the Federal Reserve to raise interest rates later in the year.
Asian shares were mostly lower as optimism about progress in trade talks started wearing off. "Investors are recognizing that the market has risen dramatically since Christmas Eve, and they are using this opportunity to rebalance their portfolios," said Michael Reynolds, an investment strategy analyst at Glenmede.
U.S. government-bond prices rose, following a rally in eurozone debt as traders bet on the European Central Bank deploying further stimulus to perk up the economy. The yield on the benchmark 10-year U.S. Treasury note settled at 2.692%, compared with 2.722% Tuesday. Yields, which fall as bond prices rise, briefly bounced after data from the ADP Research Institute and Moody's Analytics showed the U.S. private sector added jobs at a solid clip in February.
CS rises the Siltronic target to 90 (88) EUR – Neutral
CS lowers Evonik to Neutral (Outperform) – Target 28 EUR
CS lowers the Beiersdorf target to 81 (93) EUR – Neutral
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