Update: US equity markets, bond yields, and yuan all spiked as The White House backpedalled what President Trump said earlier. Fox News Edward Lawrence reports:
"White House now clarifying the President when he says "we're not doing business with Huawei" says President referring to ONLY the ban on Federal Departments buying from Huawei. White House Official says Commerce Dept Process for special licenses still going forward "
As did Treasury yields...
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The machines busily lifted stocks up at the US cash market open to fill the gap down triggered by Huawei license ban headlines overnight.
However, once that gap was filled and stops run, headlines from President Trump, speaking to a reporter pool, triggered selling pressure.
President Trump tells reporters “it’s going very well with China," but the U.S. is not ready to make a deal.
"In the case of China, the tariffs have been amazing,"
Trump also said that he has "no choice but to what he's doing on China," and said trade talks with China scheduled to be held in Washington in September might not happen.
“We have an open dialogue -- we’ll see whether or not we keep our meeting in September."
“If we do, that’s fine, if we don’t, that’s fine"
"We'll see whether or not we keep our meeting in September. If we do, that's fine. If we don't, that's fine," Trump said after a week of criticizing China's trade practices, accusing Beijing of currency manipulation and attempting to "hurt" U.S. jobs https://t.co/eT5BVsmTTK pic.twitter.com/6xhkaKLiiy— POLITICO (@politico) August 9, 2019
Additionally, Trump says U.S. is not going to do business with Huawei.
And down we go again...
But Nasdaq worst - below overnight lows...
And Yuan is back at overnight lows...