US President Donald Trump is hosting a news conference, citing two administration officials, Reuters reported that Trump's remarks would be related to Hong Kong and China.
He was expected to sign the Hong Kong legislation. He has done just that and said that he holds China responsible for concealing COVID-19 and unleashing the virus on the world.
At a Rose Garden news conference, Trump said he is ending Hong Kong's preferential treatment as a punishment against China for what he called its "oppressive" actions against the people of Hong Kong.
He signed legislation and an executive order to hold China accountable for its actions against Hong Kong.
Key points
- Trump says Hong Kong’s people’s freedom has been taken away.
- Trump says he signed executive order ending preferential treatment for Hong Kong.
- Trump says he has convinced many countries not to use Huawei.
- Trump says he holds china fully responsible for concealing the coronavirus and unleashing it on the world.
- Trump says the rise of China is not a positive development for US.
Market implications
The yen, AUD, USD and global equities are all tied up into this.
Key notes:
- S&P 500 Index bull-trap set-off, drops into the bear's lair as bank's earnings get underway
- S&P 500 Index Forecast: Bank's earnings in focus, COVID-19 induced insolvency fears simmer away
- USD/JPY: Bears eye 61.8% Fib, but H&S could be in the making first
- AUD/USD keeps Tuesday’s recovery within familiar region below 0.7000
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