The overnight fireworks in Japan, which saw the Nikkei plunge by 860 intraday points and sent vol and volumes soaring (before recovering most losses), spooked traders in Asia and around the globe, and U.S. equity futures are red this morning, along with European shares and oil.
As we've said before, US accusations that countries like China and Russia run sophisticated hacking operations designed to infiltrate sensitive US networks are often hypocritical. After all, we do the exact same thing.
Today, the Daily Beast reported on newly unsealed documents that show the FBI blindly hacked into computers in Russia, China and Iran during a wide ranging investigation that lead to the bust of a global child pornography operation and the liberation of sexual abuse victims.
As the Daily Beast explains...
China’s factory prices (PP) jumped last month despite authorities' continued attempts to curb industrial production to combat pollution. China's PPI rose 6.9% in October Y/Y, higher than the projected 6.6% while consumer prices climbed 1.9%, also higher than the median forecast of 1.8%, and above last month's 1.6% Y/Y increase.
Hours before President Donald Trump landed in Beijing earlier today, news of a potential diplomatic crisis in the making emerged when the Wall Street Journal and other media outlets reported that three UCLA college basketball players had been detained in China for shoplifting.
On Monday, Trump pressed Japan’s Prime Minister and business leaders to reduce the $69 billion trade deficit. A couple of badly made jokes, awkward moments and an unfair singling out of the auto industry later, we expressed our scepticism that the Japanese would do anything after he left (see “Trump Says Trade With Japan Is Not Fair And Not Open – Awkward Moments Ensue” here). Today Trump touched down in Beijing for two days of meetings, including eagerly awaited talks with China’s greatest leader since Mao, Xi Jinping.