Jun 26 2020 0
The USA is about to pass a new law to deal with China. Steady recoveries can be seen in the market. More to come with the latest updates for June 26th. Check them out now to choose the best forex trading strategies.
US punishment
On Thursday, the US Senate approved a bipartisan measure - which will sanction banks doing business with Chinese officials regarding national security laws they are seeking to impose on Hong Kong. The law was introduced before parliament with bipartisan support, but it needed to be passed by the House of Representatives before being sent to President Donald Trump.
Mr. Toomey said that "The mandatory sanctions created in this bill will punish Chinese officials who are trying to undermine Hong Kong's autonomy, or undermine the basic freedom rights committed to the people of Hong Kong." The Congress is increasingly assertive in trying to pressure China as tensions between the world's two largest economies are escalating. Earlier this month, Mr. Trump signed a law to punish Chinese officials for oppressing Uighurs and members of other Muslim minority groups.
Market recovery
Asian stocks were poised to rally after a late rebound at the end of the US session, as investors weighed the prospect of additional stimulus against a spike in coronavirus infections in the United States. . The futures market in Japan and Australia both go up. The S&P 500 rose about 1%, rebounding in the last trading hour of the session. Treasury and dollar bonds didn't change much at the close. Bank stocks rallied sharply after regulators eased rules to help them free up capital, although stocks plunged after hours as the Federal Reserve told banks for The biggest loan is that they cannot increase dividends or buyback shares right now. Investors are struggling with a mixed batch of economic data, after the initial jobless claims application hit an estimated 1.5 million applications. Elsewhere, oil prices rose after Russia slashed its 'flagship' Urals crude exports to its lowest level in at least 10 years. Gold fluctuates very little.
Hong Kong estate falls
In a market where buying and selling individual exchanges can lead to quick returns, this year, only three transactions took place at Lippo Center of Hong Kong - once considered a measure. The health of the world's most expensive office market. Compared to the first half of 2017, the Lippo Center has had 18 transactions - the strongest performance in recent years. There are many reasons for this recession. Firstly, Hong Kong is in the deepest economic crisis recorded since last year, when anti-government protests took place, until now due to a shutdown due to the coronavirus pandemic. Now, a controversial Chinese national security law has also rioted the city once again, worrying that Hong Kong will lose its status as a regional financial center and investors. Foreign investment will divest from the city. According to Jones Lang LaSalle, the valuation of office space in the city may have to decrease by up to 20% this year.
The Qantas savior
Once again, Alan Joyce pulled Qantas Airways back from the brink, but in a much harder situation. This time, Joyce aims to reduce the cost of 15 billion AUD (10.3 billion USD) in 3 years and then distribute 1 billion Australian dollars into annual savings from June 2023.
So far, Joyce is still following the old process. He plans to cut at least 6,000 jobs - about 20% of the workforce - while about 15,000 employees will still be laid off. He is landing the entire fleet of 12 giant Airbus A380s for at least 3 years and delaying the backlog of other aircraft deliveries. Daniel Mueller, a fund manager at Vertium Asset Management in Sydney, said: "It seems to be another transformation. There is no reason for me not to support him. He saved the company once and now he’s doing it again."
