FT News Briefing Wednesday, October 9
Oct 9, 2019
US stocks experienced a sharp decline amid escalating tensions with China over trade negotiations. Conservative UK MPs are threatening rebellion over a no-deal Brexit manifesto. The White House has declared its refusal to cooperate with the impeachment inquiry into Donald Trump. Meanwhile, an exploration of the 5G competitive landscape reveals efforts to boost investment in rival companies like Nokia and Ericsson as the U.S. navigates global telecom tensions and scrutinizes Huawei's market impact.
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Market Drop
- US stocks fell due to US-China tensions, Federal Reserve news, and Brexit concerns.
- The Nasdaq dropped 1.7%, and the S&P 500 fell 1.6%.
US-China Tensions
- The Trump administration imposed visa restrictions on Chinese officials involved in Uyghur internment.
- This happened before scheduled trade talks.
Fed and Brexit
- The Fed will purchase treasuries to stabilize short-term lending markets.
- Brexit deal hopes are fading, weakening the pound.