11/17/2020 Financial News:Tesla would be added to the S&P 500 index, which may drive its stock price up in short-term

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  1. November 16, the U.S. Department of Justice (DOJ) released the review of the ”China initiative” for  2019-2020,  which is designed to tackle the theft of technology and intellectual property from the Chinese Communist Party (CCP). The review shows that over the past year, “China Initiative” has made incredible strides in countering the CCP’s efforts to increase its economic and military power at the expense of the U.S., and this Initiative has been instrumental in combating the CCP’s theft of sensitive information and technology from the U.S. The FBI opens a new China-related counterintelligence case nearly every 10 hours. According to the review report, the “China initiative” was established in 2018 with the primary purpose of investigating and prosecuting trade secret theft and economic espionage by the CCP to better countering threats posed by Chinese foreign investment and supply chain vulnerabilities.
  2. According to the report of Reuters on November 16, The U.S. Energy Information Administration said in its monthly forecast on Monday that U.S. oil output from shale formations is expected to decline by about 139,000 barrels per day (BPD) in December to about 7.51 million BPD, the lowest level since June.  Output at nearly all seven major formations is expected to fall, except the Haynesville region, where output is forecast to remain largely steady.
  3. Reuters reported that Chinese search engine giant Baidu (BIDU.O) said on Monday that it would acquire JOYY Inc’s (YY.O) video-based entertainment live streaming business in China for US$3.6 billion. Baidu said that the transaction is expected to be completed in the first half of 2021 and this deal includes the accusations of YY mobile app, YY.com website, and PC YY.
  4. The US financial website Zerohedge stated that due to the bond selling wave triggered by the bond default of one Chinese coal miner, the offshore branch of China Construction Bank on the island of Labuan in Malaysia has suspended the issuance of bonds based on the Ethereum blockchain.  As the shortage of liquidity in the Chinese market intensifies and defaults of bonds intensify, the opaque Chinese bond market is about to fall into trouble.
  5. The Breitbart News Network said that the CCP’s official media celebrated last weekend since the CCP has reached a large-scale trade agreement with 14 other Asia-Pacific countries (including Japan, South Korea, Australia, and other major US allies), namely the Regional Comprehensive Economic Partnership (RCEP), which is viewed as the signal of the end of U.S. hegemony in the Western Pacific. The CCP’s official media preached that the RCEP was reached in the context of the covid-19 pandemic, indicating that Asia-Pacific countries are unwilling to blindly follow the United States and exclude China from the Asia-Pacific economic integration process. The CCP also regards ECEP as the main tool against the US economy.

By:【G Translator / Financial and Law Team】

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