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Thursday May 30: Five Things You Need to Know to Start...

Business Maverick

Business Maverick

Thursday May 30: Five Things You Need to Know to Start Your Day

epa07457146 (FILE) - FBI Director Robert Mueller testifies before a Senate Judiciary Committee hearing on 'Oversight of the Federal Bureau of Investigation' in the Dirksen Senate Office Building in Washington, DC, USA, 19 June 2013 (Reissued 22 March 2019). According to reports on 22 March 2019, Special counsel Robert Mueller has filed his final report to Attorney General William Barr, signaling the end of his investigation into Russian interference in the 2016 presidential election. EPA-EFE/JIM LO SCALZO
By Bloomberg
30 May 2019 0

Robert Mueller speaks for the first time since ending his Russia investigation. Huawei loses a key customer and Benjamin Netanyahu fails to form a coalition, pushing Israel into new elections. Here are some of the things people in markets are talking about today.

Mueller Case Closed?

Robert Mueller declined to clear Donald Trump of obstruction of justice, saying in his first public remarks since ending the Russia investigation that a sitting president can’t be charged with a crime. The special counsel announced he was shutting his office and said he won’t give any testimony beyond what’s in his report. Neither side was content: Trump tweeted “the case is closed!” while some Democratic presidential candidates called on Congress to begin impeachment proceedings.

U.S. Fighter Jets in Trade-War Firing Line

China’s grip on the global market for rare-earth metals gives it the ability totarget American weaponry in its trade war with the U.S. Everything from Lockheed Martin Corp.’s F-35 Joint Strike Fighter jet to guided missiles and lasers used to determine targets rely on the elements to perform key functions. China accounts for as much as 95% of global output and the U.S. relies on the Asian nation for 80% of its rare-earths requirement.

Risk Rises

Asian equity futures are mixed after U.S. stocks dropped to a 12-week low as the trade war with China showed no signs of easing. Treasuries resumed a rally that sent the three-month/10-year yield curve to its deepest inversion since 2007. It’s all a sign of increasing market risk even if there is a deal reached between the U.S. and China, according to Morgan Stanley and Pimco. “Get ready for more potential growth disappointments even with a trade deal,” Morgan Stanley strategists wrote, adding that the S&P 500 could drop to 2,400. Pimco CIO Dan Ivascyn predicted lower returns from frothy corporate credit markets given gloomy fundamentals.

Coalition Collapse

Israel is headed for its second election on Sept. 17 after Prime Minister Benjamin Netanyahu — who had appeared to secure a fourth term in April — failed to form a coalition government. Negotiations stalled over replacing a military draft law that exempts ultra-Orthodox men.

Huawei Loses a Key Customer

SoftBank Group Corp.’s Japanese telecom unit selected Nokia Oyj and Ericsson AB as vendors for its next-generation wireless network, excluding long-term vendor Huawei Technologies Co. Trump’s administration has targeted the Chinese company for months, first encouraging allies to ban its equipment from their networks and then putting it on an export blacklist. Japan has said it will exclude equipment with security risks, without making an official decision on Huawei.

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