The United States filed a criminal charge against Huawei for stealing trade secrets and having transactions with Iran. The United States sought to extradite Huawei’s chief financial officer, Meng Xizhou. European Central Bank President Mario Draghi believes that there is no need to take more stimulus measures to deal with the growth dilemma.
- The Dow Jones Industrial Average closed at 24,528.22 points, decreased by 208.98 points or 0.84%. The Standard & Poor’s 500 Index closed at 2,643.85 points, decreased by 20.91 points or 0.78%. The Nasdaq index closed at 7,085.69 points, decreased by 79.18 points or 1.11%.
- US prosecutors filed criminal charges against Huawei, alleging that the company had stolen the trade secrets of T-Mobile USA Inc. and accused Huawei and its chief financial officer, Meng Xizhou, of having transactions with Iran.
- The US Congressional Budget Office expects that the budget deficit will expand further in the next few years, and economic growth will slow down, predicting that the growth rate would be below the growth target of the Trump administration of 3%.
- The UK’s FTSE 100 index closed at 6,747.10 points, decreased by 62.12 points or 0.91%. The Frankfurt DAX index closed at 11,210.31 points, decreased by 71.48 points or 0.63%. The French CAC40 index closed at 4,888.58 points, decreased by 37.24 points or 0.76%.
- European Central Bank President Mario Draghi claimed that the economic downturn is because of the trade and global uncertainty, saying that although the euro zone economy looks worse than expected, it is not yet to increase the monetary policy stimulus.
- The UK’s retail sales balance came in at zero in January, missing the consensus of +2 but beating -13 in the previous month, reported the Confederation of British Industry (CBI).
- Japan’s Nikkei 225 index closed at 20,649.00 points, decreased by 124.56 points or 0.60%. The yen closed at 109.450 against the US dollar, increased by 0.311%.
- According to the data from the Bank of Japan, the growth of Japan’s corporate service price index was slowed down slightly to 1.1% in December, lower than the market expectation, 1.2%.
- The Shanghai Composite Index closed at 2,596.98 points, decreased by 4.75 points or 0.18%. The Shanghai and Shenzhen 300 Index closed at 3,183.78 points, decreased by 0.69 points or 0.02%. The RMB closed at 6.741 against 1 US dollar, inreased by 0.322%.
- The Trump administration confirmed that Chinese and US officials will have a two-day trade talk in Washington on January 30. The two sides will discuss the structural changes in the Chinese economy and China’s commitment to buy more US goods.
- Xinhua News Agency reported that Wang Yang, a member of the Standing Committee of the Political Bureau of the Central Committee, emphasized the promotion of intellectual property rights protection and innovation development.