Early losses expected on Wall Street ….Huawei challenges US law … Fiat Chrysler/Renault merger proposal presented to Nissan
SINGAPORE (AP) – World markets are broadly lower today on expectations that a trade dispute between China and the United States would simmer and possibly weigh on growth. France’s CAC 40 sank 1.8% and the DAX in Germany was down 1.3%. In early trading, Britain’s FTSE 100 shed 1.3% and Italy’s FTSE MIB tumbled 1.4% after a European Central Bank report sounded the alarm about the country’s debt. Wall Street is positioned for early losses, with Dow and S&P futures both down 0.7%.
SHENZHEN, China (AP) -Chinese tech giant Huawei is challenging the constitutionality of a U.S. law that limits its sales of telecom equipment. Huawei’s chief legal officer Song Liuping said at a press briefing today that Huawei filed a request in court in Plano, Texas, to rule on whether a U.S. military spending provision that bars the government and its contractors from using Huawei equipment is constitutional.
TOKYO (AP) – Fiat Chrysler’s proposal to merge with Renault was presented to Nissan today, adding another big question to the list of uncertainties facing the Japanese automaker. Nissan has been slammed with nose-diving profits and a tarnished reputation since the arrest of its former chairman Carlos Ghosn (gohn) in November on financial misconduct allegations. The Renault-Nissan-Mitsubishi alliance says in a statement there was an open and transparent discussion. A quick resolution had not been expected.
FRANKFURT, Germany (AP) – The European Central Bank says that challenges to financial stability in the eurozone have risen amid risks to economic growth from trade tensions, and warns that indebted governments such as Italy could run into trouble if they don’t heed rules limiting debt and deficits. The warning in an ECB report released today comes as Italy’s populist government is challenging the debt rules, saying they are a hindrance to growth and setting up continued conflict with the EU’s executive commission.
MARKHAM, Ontario (AP) – Canadian authorities say eight people are facing charges following a police raid on a Toronto-area mall that U.S. officials have called a “notorious market”‘ for counterfeit luxury goods. Police launched an investigation into several stores in April 2018. The Pacific Mall is the largest Chinese shopping center in the Western world,