Huawei Says U.S. Launched Cyberattacks Against It.
If the above headline is true, and I have seen similar stories on a few different websites, it is hard to believe that the Chinese are interested in sitting down anytime soon to discuss a trade resolution with the U.S. Huawei seems to be a line in the sand currently, whereby the U.S. has claimed that the company has stolen smartphone camera patents among other patent infringements and various illegal activities. While Huawei claims that the U.S. is wrongfully attacking it, to disrupt the technology lead it has in relation to G5 and for political reasons. Huawei is an important company for China and it seems to us that this will be a tough nut to crack if the U.S. continues on along the current path.
Oil: Oil prices have been falling the past few days on the back of:
- Dorian causing large disruptions through the East coast of the U.S., lowering demand.
- The back and forth between China and the U.S. on trade, causing uncertainty regarding global growth and in turn future demand.
- The U.S. is increasing production and the OPEC members outside of Saudi Arabia, seem to be continuing to produce what they can.
- A market fear that China may open the gates and import significant amounts of Iranian oil against Trump’s sanctions.