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Economy

Wall Street is already part of its profits

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The stock markets show a volatile price trend on Thursday. At the opening of Wall Street, the stock market lost part of the profits of the Boxing Day. More red and green signs could be seen today at European exhibitions.

The Dow Jones index recorded 1.1 percent lower at 22,637 points shortly after the opening bell. The broad S & P 500 dropped 0.9 percent to 2444 points and technology counselor Nasdaq also lost 0.9 percent, at 6497 points. 

A day earlier, the indicators increased by more than 5 percent, helped by good figures on US consumer spending during the holiday season. Retail spending in the US amounted to more than $ 850 billion, the highest level in six years. 

Mischief 

The mobility is partly caused by the meager trade at the end of the year. Price movements are thereby enlarged. Profit-taking also plays a role. The shutdown of the American government will also keep the moods on the stock market busy. The US Department of Commerce, for example, let it suspend publications about economic figures for the time being. 

Until there is a new budget, no macroeconomic reports will be published, the Ministry said. This week figures would come out about the sale of new homes, the goods trade and the wholesale stocks. The US stock exchanges are thus unable to hold onto the recovery after the worst Christmas Eve at the New York Stock Exchange. 

The European stock exchanges also did not follow up on Thursday the spectacular rise Wall Street showed a day earlier. The AEX index on Beursplein 5, for example, saw an earlier solid profit decline and rose by 0.4 percent at noon at 480.23 points. The Midcap rose 0.8 percent to 636.18 points. Paris won 0.1 percent and London fell 0.6 percent. The German DAX and the Milan stock exchange, which closed for the first three days of the week, fell 1.4% and 0.9%. 

In Asia, the Nikkei  fully benefited  Thursday morning: the Japanese stock market index won a small 4 percent. Several Asian exchanges could not benefit, as Hong Kong and Shanghai showed small losses.

The Amsterdam stock exchange.
The Amsterdam stock exchange. © ANP

 

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Economy

The most expensive house in the world is in Hong Kong: 681,000 euros per square meter

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The most expensive house in the world is located in Hong Kong in the exclusive district of The Peak, the most expensive neighborhood of the Chinese metropolis. The villa, which is currently for sale, has a price tag of almost 447 million dollars (about 392 million euros).

The luxurious villa from 1991 has an outdoor swimming pool, four bedrooms with private bathrooms and a garage for two cars. The future owner can indulge in a garden of 15 hectares. Anyone interested in purchasing the villa after a visit should have a well-stocked wallet. The house, 575 square meters, costs 681,000 euros per square meter. 

The house has been for sale for a while via the real estate branch of the famous Christie’s auction house . According to the French newspaper Le Figaro , the stool is in the hands of the management of the Asian holding company Chuang’s Consortium International. The management bought the house in 2014 for barely 16 million euros. 

Very expensive housing market

In the Netherlands we can complain about the situation on the housing market , but Chinese people also have a hard time in Hong Kong. The city has been the least affordable residential market in the world for eight years in a row. Only a parking space can already cost 600,000 euros there. The Chinese city has more than 7.1 million inhabitants and is considered one of the most densely populated places in the world (an average of 6,541 people per square kilometer). 

Aid organizations called on the local government several times to invest more in affordable housing. A research report that Reuters published earlier this year shows that 1 in 5 residents of Hong Kong live below the poverty line.

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Economy

Trade shows recover spectacularly from Christmas diving

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It keeps running or standing still at the fairs. The stock exchange in Japan showed a strong recovery today. 

Investors in Asia drew attention to the spectacular revival on Wall Street, where the Dow Jones index once showed the biggest increase in points during a trading session.

The spectacular recovery followed after the worst Christmas Eve at the New York Stock Exchange ever. Concerns about the US economy and the erratic policies of the once-backfired President Trump declined due to strong figures on consumer spending in the United States during the holidays. On the New York Stock Exchange, the damage of the past few weeks was partially repaired. 

After the worst week since the financial crisis of 2008, it also went down hard on Christmas Eve . The offensive of Treasury Secretary Steve Mnuchin who visited the country’s main bank managers may have helped. He had to take away the fear that President Trump, in his anger, wanted to get rid of the independent director of the American central bank because he had dared to raise interest rates. Against the likes of Trump. 

Talk in

Steve Mnuchin, according to Donald Trump "a very talented guy" (archie photo)
Steve Mnuchin, according to Donald Trump “a very talented guy” (archery photo) © AP

Sources in Washington report that minister and former banker Steve Mnuchin has talked about Trump and also taught him some of his powers. Trump regards Mnuchin as “a smart boy” and “a talented guy”, as he once put it himself in tweets. Trump would also like to accept something from Mnuchin, according to insiders. For example, a US president may not dismiss the director of the central bank at all unless the latest offenses have been committed. A rate hike is not covered, though Trump may think so. There is a lot of talk in Washington where a panic mood seemed to prevail on Christmas Eve. Senior Congressmen of the two major parties have also pointed out to the president that an impetuous dismissal from Powell could have disastrous consequences. Investors would lose confidence in the central bank, with global consequences. And in that case the dive of the shares on Christmas Eve risked to be just a mosquito cut compared to the big blow. 

Resit

In a more carefully formulated resubmission on twitter, Trump showed himself to be remarkably more moderate. ‘She (the American central bank) raises interest rates too quickly. That is my opinion, but I certainly trust. I think it will be okay. She raises interest rates because she thinks that the economy is doing well. But I think she will understand it quickly. “

‘We have the best companies in the world and they are doing very well. Their numbers achieve records. So I think this is an exceptional buying opportunity (on the stock markets, ed.). The only problem for our economy is the Fed. That does not feel the market. ‘

All that does not take away that uncertainty prevails. The shutdown still plays. Most public services are at risk of falling or are already closed. The trade quarrel with China has also not been resolved and there are many domestic problems around Donald Trump.

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Economy

‘Trump wants to ban Chinese telecom giants Huawei and ZTE’

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US President Donald Trump thinks about banning companies from his country to use telecom equipment from the Chinese companies Huawei and ZTE. Trump wants to enforce this through a presidential decree in January, say sources against Reuters news agency.

It would be a definitive step to exclude Huawei and ZTE from the US market. According to the United States, the two companies cooperate with the Chinese government and Beijing can use the Huawei and ZTE network equipment to spy on Americans. 
The presidential decree, which Trump has been thinking about for over eight months, could be signed in January. The US Department of Commerce could then arrange for companies not to purchase network equipment from foreign companies that pose a risk to national security.

Economic espionage

The United States and the United Kingdom called China earlier this month to account for economic espionage via the internet. Hackers’ group APT10, in collaboration with the Chinese authorities, has hacked numerous companies and government services in other countries. The US sue two suspected Chinese members of APT10 in absentia for hacker practices. Their group would have stolen information from companies from a variety of sectors, including biotechnology and telecommunications. According to the indictment, the hackers had also provided space to NASA spacecraft and the US Navy, where they grabbed data from 100,000 employees.

“It is wry that US companies and government agencies spent years researching and investing substantial sums of money to develop their intellectual property, after which the accused got them swashed and free,” said a federal prosecutor at a press conference in Manhattan. The alleged economic espionage is a thorn in the eye of the American government. “The goal of China, simply put, is to replace the US as the leading superpower in the world,” said FBI director Christopher Wray during the press conference. “And they use illegal methods to achieve that.”

Under pressure

The criticism of the cyber practices of the Chinese government may put the relationship between Beijing and Washington under further pressure. It had already been chilled by the trade war between the countries and the arrest of Huawei topwoman Meng Wanzhou in Canada. The British also came out with criticism of Beijing. London accuses APT10 of “a malicious cyber campaign” to gain access to sensitive commercial information in Europe, Asia and the US. The Chinese Ministry for State Security would also be involved.

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