Morgans AM: Wednesday 22 May 2019


Manage episode 234166854 series 1086780
By Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio streamed directly from their servers.
US equity markets rallied, buoyed by news the US had temporarily eased trade restrictions imposed on China’s Huawei Technologies - Dow up +197-points or +0.77%, with Intel Corp gaining +2.07%. Boeing Co rose +1.7% after US aviation officials that a bird collision may have caused the 737 Max crash in March. The broader S&P500 +0.85%, with the Information Technology sector (up +1.20%) rebounding from the previous session's -1.75% drop. The technology-centric NASDAQ +1.07%. Telsa Inc dipped -0.1% (to US$205.08). Morgan Stanley said their worst-case scenario for the electric vehicle maker's stock is US$10 per share (revised from US$97 per share previously), mostly on concerns about faltering demand and worries that the Silicon Valley car maker might have grown “too big.” The Commerce Department said Monday night it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until 19 August. Despite the reprieve, Huawei chief executive Ren Zhengfei took aim at Washington on Tuesday, stating President Trump had underestimated just how powerful the company would be in the 5G space and revealed the firm had been stockpiling chips, leaving it well prepared for the blacklisting. Separately, nearly 200 American footwear companies, including Nike Inc (up +0.95%) and Under Armour Inc (+1.44%) wrote a letter to President Trump, asking him to remove proposed tariffs on imported shoes from China. The shoemakers said the tariffs would be "catastrophic" for consumers, corporations and the economy alike.

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