Weekly News Summary For May 24-30, 2019
Friday, May 24: Huawei Shipments; Possible Plunging Up to A Quarter
China’s Huawei Technologies could be looking at a shipment drop of as much as a quarter this year, as strict US sanctions weigh, potentially putting the company’s smartphones at risk of disappearing from markets worldwide.
Further, future consumers may switch to rival brands such as Samsung Electronics and Apple Inc. The tech giant’s prohibition resulted in suspensions to clients and investors all around the world.
Monday, May 20: China Alerts with Dropping of Yuan
Profitability of China’s company weakened as profits plunged 3.7% year on year.
Chinese industrial profits slipped resulting in the yuan’s decline. To absorb the shock of the US tariffs, Beijing could be forced to let the yuan depreciate. Scenarios like this usually make Beijing anxious.
Tuesday, May 21: Future Fiat Chrysler and Renault Collaboration
Fiat Chrysler Automobiles are likely to team up with France’s Renault. As the global automotive industry is on the border of a shakeup, the French group stated it will study the opportunities first.
If the merger would be possible, the two companies would make the world’s third-largest auto group.
Wednesday, May 22: Boeing Operations Grounded until August
After a crash in Ethiopia that killed all 157 people on board, the 737 MAX was grounded globally. Boeing may not return to service and operate until August as suggested by The International Air Transport Association.
In order to discuss what is needed for the 737 MAX to operate again, IATA plans on organizing a summit with airlines, regulators and the manufacturer for further thoughts.
Thursday, May 23: Expected Growth of Pending Home Sales
In April, figures for pending home sales will be released by The National Association of Realtors. According to forecasts last month, economists expect the pending home sales increase by 0.9%.
After the start of trading on Friday, housing numbers will arrive shortly. In addition, the forecast for first-time unemployment benefits has edged up to 216,000.
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