Stocks Sink As FCC Blocks China Mobile From US Market Over ‘Espionage Concerns’
Update (11:18 am ET): The FCC has spoken and China Mobile has been barred from providing telecoms services in the US market – similar to the punishment doled out to Huawei – over espionage concerns.
- CHINA MOBILE BARRED FROM THE U.S. MARKET OVER ESPIONAGE CONCERN
* * *
The last thing the market needed this week was another wrench in the works of the US-China trade talks, which were already on the brink of collapse. But that’s exactly what they got when, at around 11 am ET on Thursday, the news broke that the FCC has the votes to block China Mobile from entering the US market.
Beijing won’t like that, as it now seems the Trump administration’s war against Huawei has expanded to the entire Chinese telecoms sector.
Though, to be sure, the FCC is reportedly still weighing its final decision, which is expected momentarily.
- FCC HAS VOTES TO BAR CHINA MOBILE FROM U.S. MARKET
- FCC CONSIDERING REJECTION OF CHINA MOBILE APPLICATION
Stocks are nearing LoD on the news.
We feel this tweet adequately captures the spirit of this news.
FCC CONSIDERING REJECTION OF CHINA MOBILE APPLICATION pic.twitter.com/IBB4FC392r
— NOD (@NOD008) May 9, 2019
Beijing was already angry about Trump’s claims, made at a Florida rally last night, that its negotiators “broke the deal” and must now “pay” for their decision to reneg. This news likely won’t help lift their mood.
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