Here are the 5 the most important events to know about the market this Wednesday may 22.
According to a survey by the american Chamber of Commerce, nearly half of us businesses operating in China are already affected by retaliatory measures from the United States have increased and expanded duties on imports from China. Approximately 40% of the companies interviewed said they consider relocating their facilities.
The news comes as the New York Times announced that the United States could add more chinese companies to their black list, of which Hangzhou Hikvision Digital Technology (SZ: 002415), the largest manufacturer of surveillance cameras in the world.
In addition, Bloomberg announced that the us administration was considering increasing subsidies paid to american farmers victims of the counter-measures of chinese business. Farmers could get up to$ 2 per bushel for soybeans, 63 cents per bushel for wheat and 4 cents per bushel for the corn.
Wall Street is on the verge of a opening mixed, with the flow of negative news on the trade have been offset somewhat by the comments of the ambassador of China to the United States, claiming that the door was “still open” to negotiations.
At 12: 00, the futures contract S&P 500 was down 1.1 point and the contract Dow was down 3.5 points, both unchanged, while the contract Nasdaq 100 was down 12 points, or 0.2%. The european markets were also generally lower.
James Bullard has also provided some support , and became the first top official of the u.s. Federal Reserve to admit that the rise in interest rates in December was perhaps a mistake.
Target and Lowe’s will be under the spotlight Wednesday after a series of results that are disappointing on the whole in the sector of retail sales.
Nordstrom (NYSE: JWN) tumbled 9% after it announced sales figures were disappointing, while Kohls (NYSE: KSS) had already fallen by 12%, the two still fighting against the pressure on the physical stores as well as the higher purchase costs due to the imposition of customs duties on imports.
The shares of Qualcomm (NASDAQ: QCOM) should be the subject of further pressure on Wednesday, after a federal judge has ruled that they destroyed illegally, the competition in collecting of fees unreasonably high and eliminating their rivals.
The decision of a district of San Jose is on the side of the Federal Trade Commission, which has engaged in a lawsuit antitrust against Qualcomm in January 2017. The title of the manufacturer of the chips has already been shaken this week by the threat of losing billions of dollars per year in sales to Huawei.
The pound has fallen to a new low for 2019 after the last bet of the first minister Theresa May to adopt its draft law on withdrawal from the EU by the Parliament.
The proposals Tuesday, which included a long-term alignment on the EU regulation on the rights of workers and trade policy, as well as a second referendum of confirmation, have provoked the wrath of the lawmakers of his party, to the point that they seem to want to force his immediate resignation.
