Get set for Tik Tok Tit-for-Tat
Monday 10th August 2020 President Trump has been busy signing executive orders. First, late Thursday I the AUS, he signed one banning USD companies from dealing with Tik Tok and WeChat. It seems unlikely that China will take this lying down. NAB’s Tapas Strickland said the news hit technology stocks in the US and China on Friday. Markets were subdued anyway, as Congress failed to reach an agreement on the next phase of stimulus support. Over the weekend the President signed several more executive orders to continue some of the measures, to an extent, but there are likely legal ramifications. There’s also discussion on jobs numbers from the US, the RBA’s monetary policy statement from Friday, and a look ahead to the key events from the week ahead.