Global Market Report - January 29

A new twist in the Huawei saga has set the tone for a nervous day in global markets as Apple kicks off the tech earnings season

James Gard 29 January, 2019 | 11:04AM

Global Market Report

Asia

China and Hong Kong markets closed marginally down on Tuesday, tracking weakness overnight on Wall Street. Japan’s Nikkei 225 crept higher after yesterday’s yen-related weakness.

News that US prosecutors are charging Chinese mobile firm Huawei with spying has disturbed the consensus that trade negotiations are moving in the right direction, particularly with the Chinese delegation visiting Washington this week. China has rejected the charges in language that echoes the height of the trade war last year, accusing the US of attempting to “kill” off Chinese businesses.

Perhaps the Huawei developments will hit Asia markets harder when they re-open on Wednesday, especially if US equities soften again. Chinese New Year is looming and traders are unlikely to want to hold open positions ahead of five working days off for China and three in Hong Kong.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Apple Inc438.61 USD0.66
British American Tobacco PLC2,554.00 GBX1.21
Facebook Inc A252.48 USD0.21
Microsoft Corp213.47 USD-1.42
NVIDIA Corp444.10 USD0.84
Royal Mail PLC181.55 GBX7.81

About Author

James Gard  is content editor for Morningstar.co.uk

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