Huawei will fight back

Daily Analysis - 23/05/2019

Huawei could develop its own mobile operation system

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Huawei's consumer department told CNBC that the company may develop its own operating system for laptops and smartphones and will be fully ready for use in China this year.

However, the company will only launch its own operating system if the company is completely banned from using Microsoft’s and Google’s software. Huawei's was placed on a U.S. blacklist that required U.S firms to obtain approval from the administration before they start selling anything to the Chinese giant. That suggested that Huawei would no longer be authorized to use Google’s Android operating system.

However, Washington allowed a brief 3-month pardon for Huawei, which will enable the company to continue using American technology for now.

Asian stocks fell amid trade war worries


On Thursday Asian markets weakened, troubled by the continuing trade pressures between the United States and China.

Mainland Chinese shares slid while the Shanghai Composite decreased by more than 0.80%. The Shenzhen component declined more than 1.60%.

Hong Kong’s Hang Seng index too fell by 1.3%.

In Japan, the Nikkei 225 slid more than 0.60% in morning trade while the Topix index also dropped about 0.43%.

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U.S stocks fell due to trade war


On Wednesday stocks retraced while trade concerns boosted after declines in Qualcomm and retailer shares further discouraged market opinion. The Nasdaq Composite decreased by 0.5% to 7,750.83.

The Dow Jones Industrial Average dropped more 100 points to 25,776.60 while the popular Apple fell as well. The S&P 500 slid about 0.28% to 2,856.26, with the tech area falling more than 0.5%.

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Oil prices dropped on growing US stockpiles


On Thursday Oil fell, extending declines from the last trading session due to rising U.S. crude stockpiles and limited interest from refineries.

U.S. West Texas Intermediate (WTI) crude futures fell by 31 cents, at $61.11 per barrel. Brent crude futures, the global benchmark for oil prices, fell 37 cents at $70.60 per barrel. Crude futures already dropped about 2% in the previous trading session.

The U.S. crude oil inventories increased last week, scoring their greatest levels after almost two years, due to limited factory demand according to the Energy Information Administration.

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