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European stocks seen slightly lower ahead of US-China tariff deadline, UK election

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“European stocks were seen opening slightly lower on Tuesday’s trading session as doubts abound over whether the U.S. and China can strike a partial trade accord before the next tariff deadline on Sunday, December 15” writes Elliot Smith for cnbc.com. On the data front, the ZEW economic sentiment index for the euro area in December is due at 10 a.m.Britain’s political parties are heading into the home stretch of campaigning ahead of Thursday’s landmark general election, which will be pivotal for Brexit and economic policy. London time along with industrial…

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China aims to replace up to 30 million pieces of foreign tech in government offices with Chinese tech by 2022

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“It’s estimated that between 20 million to 30 million computers and other tech hardware will be replaced, according to China Securities analysts” writes Antonio Villas-boas for businessinsider.com. Thirty percent of hardware is expected to be replaced by 2020 and 50% by 2021, with the remaining 20% of technology replaced by 2022.It’s not clear if the move is a retaliation against the Trump administration’s US blockade on Huawei technology in US government offices earlier this year.The move is partly designed to have China rely less on foreign-made technology, according to the…

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European stocks slightly lower amid weak Chinese data; Tullow Oil down 59%

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“European stocks traded slightly lower on Monday as weak Chinese export data highlighted the detrimental impact of its prolonged trade war with the U.S. The pan-European Stoxx 600 slipped 0.1% lower with oil and gas stocks falling 0.9% to lead losses while retail stocks added 0.7%” writes Elliot Smith for cnbc.com. German import and export data for October, published before the bell, offered a welcome surprise to rise by 1.2% despite global trade tensions.Asian stocks edged slightly higher in afternoon trade, led by Japan on the back of strong economic…

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China reportedly orders state offices to remove foreign tech which could hit US firms like Microsoft

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“Read more on China’s directive to remove foreign technology from state offices in the Financial Times” writes Arjun Kharpal for cnbc.com. China’s technology firms have been the target of U.S. pressure.While the directive is not public, two cybersecurity firms told the FT that their government clients described the policy to them. Source: cnbc.com

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Chinese Central Bank to Test Launch Its Digital Currency in 2 Cities

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“Dubbed digital currency electronic payment (DC/EP), the PBoC is designing the digital currency in a centralized way to control is distribution” writes Arnab Shome for financemagnates.com. Along with China, central banks of other countries are also planning to launch a digital currency.The People’s Bank of China (PBoC) is planning to launch its much anticipated central bank-backed digital currency (CBDC) in two cities – Shenzhen and Suzhou – initially for testing purposes. Most recently, the Bank of France governor announced the bank’s plan to launch a digital currency by next year.The…

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Trump is running out of time to make his deals

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“On the prospects of a trade deal with China, Trump was at his most pessimistic in remarks last week, suggesting that nothing concrete may happen until after the 2020 election” writes Ishaan Tharoor for washingtonpost.com. The tensions aren’t great news for Trump, whose Chinese interlocutors will be even less inclined to cave on trade matters in the face of American pressure. Source: washingtonpost.com

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Asia stocks mixed as China’s exports decline in November

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“Asia stocks traded mixed Monday morning as China’s exports declined in November for the fourth consecutive month, according to the country’s customs data” writes Eustance Huang for cnbc.com. The latest print on Chinese trade comes as Beijing remains embroiled in a trade war with Washington.Mainland Chinese stocks dipped in early trade, with the Shanghai composite down about 0.2%.Elsewhere, the Nikkei 225 in Japan rose 0.22% in morning trade while the Topix index gained 0.25%.Imports, on the other hand, rose 0.3% as compared to a year earlier — exceeding projections for…

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Gold rises as prospects of US tariffs lift safe-haven demand

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“Palladium shed 0.2% to $1,873.74 per ounce, having hit a record peak at $1,880.65 in the previous session” reports cnbc.com. Spot gold was up 0.1% at $1,460.40 per ounce, as of 0158 GMT, after having slid 1% in the previous session, its biggest one-day drop in a month.Holdings of the world’s largest gold-backed exchange-traded fund SPDR Gold Trust, fell 0.26% to 886.23 tonnes on Friday. Source: cnbc.com

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Beijing orders all government offices and public institutions to remove foreign PC equipment and software within three years, allowing only Chinese-made tech

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“The impact of the 3-5-2 policy could be significant since the government can control procurement for the agencies covered under the policy, another cyber security analyst said” reports afr.com. Although Central Office policy documents are confidential, employees from two cyber security firms have told the Financial Times that their government clients have also described the policy.The analysts noted that the order had come from the Chinese Communist party’s Central Office earlier this year. Source: afr.com

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Government offices told to remove all foreign computer equipment

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“China has ordered that all foreign computer equipment and software be removed from government offices and public institutions within three years, the Financial Times reports” writes Kate Lyons for theguardian.com. The Trump administration banned US companies from doing business with Chinese Chinese telecommunications company Huawei earlier this year and in May, Google, Intel and Qualcomm announced they would freeze cooperation with Huawei.This is the first known public directive from Beijing setting specific targets limiting China’s use of foreign technology, though it is part a wider move within China to increase…

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