Monday December 17, 2018
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US stocks jump after heavy sell off

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New York: US stocks rebounded sharply on Tuesday, as investors sought out bargains after the Dow Jones Industrial Average’s worst three-session drop. At midday, the Dow Jones Industrial Average surged 384.62 points (2.42 percent), to 16,255.97. The S&P 500 gained 46.94 points (2.48 percent), to 1,940.15. The Nasdaq Composite Index spiked 153.63 points(3.39 percent), to 4,679.88. The Nasdaq Composite Index leapt more than 3 percent as Chinese stocks such as JD.com and Baidu led advancers. Shares of Alibaba, the Chinese e-commerce giant, rose 4.18 percent in the early trading.

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The People’s Bank of China (PBOC), China’s central bank, announced Tuesday a cut in the reserve requirement ratio (RRR) and lower key interest rates. Wall Street cheered the move, which was described in a PBOC statement as “promoting restructuring” to “stabilize the real economy. “Investors also kept an eye on new home sales and US consumer confidence index. US sales of new single-family houses in July were at a seasonally-adjusted annual rate of 507,000, said the Commerce Department Tuesday.

US consumer confidence index for August came in at 101.5, up from 91.0 in July, according to the New York-based research group Conference Board Tuesday. US stocks plunged on Monday, with the Dow Jones Industrial Average diving more than 500 points, as a rout in global markets continued to intensify. All three major Wall Street indexes fell into correction mode over the past two sessions. The CBOE Volatility Index, often referred to as Wall Street’s fear gauge, soared 45.34 percent to end at 40.74 on Monday.

(IANS)

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China, US Set To Take Action Against Each Other

US business executives are now bracing for further retaliation from China due to Meng's arrest

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President Donald Trump with China's President Xi Jinping during their bilateral meeting, Dec. 1, 2018 in Buenos Aires, Argentina. VOA

China and the US are set to take action against each other as tensions escalate over trade, cyber hacking and espionage as senior American law enforcement officials identified Beijing as the most serious threat to Washington’s national security, officials said.

China’s methods of non-traditional espionage, including their use of ordinary Chinese expatriates instead of spies at universities and businesses, and intellectual property theft, were explained by the officials from the FBI and Departments of Justice and Homeland Security who briefed US lawmakers on Wednesday, CNN reported.

“As the US proceeds a whole of society response to this threat, we must address the vulnerabilities within our system while preserving our values and the open, free and fair principles that have made us thrive,” E.W. Priestap, the Federal Bureau of Investigation’s Assistant Director of Counter-intelligence told the Senate Judiciary Committee.

“What hangs in the balance is not just the future of the US, but the future of the world.”

The Department of Justice’s (DOJ) top national security official told lawmakers on Wednesday the administration was reacting to China’s “steadily increasing” economic espionage activity, which costs the US an estimated $225 billion a year.

From 2011 to 2018, more than 90 per cent of the DOJ’s cases alleging economic espionage by a state have involved China, and more than two-thirds of trade secret thefts have a nexus to China, Assistant Attorney General John Demers said.

Donald Trump, democrats, government,, pakistan
U.S. President Donald Trump. VOA

“From underwater drones and autonomous vehicles to critical chemical compounds and inbred corn seeds, China has targeted advanced technology across sectors that align with China’s publicly announced strategic goals,” Demers said. “The play book is simple: rob, replicate and replace.”

Priestap and his colleagues testified hours after Secretary of State Mike Pompeo confirmed in an interview with Fox News that the US believes Beijing was behind the massive cyber-attack on the Marriott hotel chain, CNN reported.

The New York Times reported on Tuesday that the assault was part of a broader Chinese operation that also targeted health insurers and the security clearance files of millions of Americans.

Also Read- Bug Spotted in Microsoft Office 365, Outlook

Those disclosures came a day after President Donald Trump said that he would be willing to use Huawei’s Chief Financial Officer (CFO) Meng Wanzhou who was arrested in Canada for violating US sanctions on Iran as a bargaining chip in his trade war with Beijing, which for now is in a 90-day pause.

A Canadian judge on Tuesday night granted Meng a $7.5 million bail, while she awaits extradition to the US.

US business executives are now bracing for further retaliation from China due to Meng’s arrest. (IANS)