12/05/2020 Financial News: thanks to the talking of new economic stimulus package by lawmarkers, U.S. Stock indexes hit record highs Friday

Image Source: https://www.investing.com/indices/us-30

1. Dec.4, the Secretary of State Pompeo issued a press statement on the official website of the US government, stating that the U.S. is imposing visa restrictions on PRC and CCP officials, or individuals active in United Front Work Department activities, who have engaged in the use or threat of physical violence, theft and release of private information, espionage, sabotage, or malicious interference in domestic political affairs, academic freedom, personal privacy, or business activity.  This statement added, The Chinese Communist Party (CCP) has long sought to spread Marxist-Leninist ideology and exert its influence all over the world. The CCP’s United Front Work Department funds and supports overseas organizations to spread propaganda and coerces and bullies those who would oppose Beijing’s policies. Its coercive tactics include the release of personal details (“doxing”) of their targets and even their family members online as a means of political intimidation.

2. According to the report of Newsmax on Dec.3, OPEC and Russia on Thursday agreed to a modest oil output increase from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year.  The increase means the Organization of the Petroleum Exporting Countries and Russia, a group known as OPEC+, would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd. Russian Deputy Prime Minister Alexander Novak said the group would now gather every month to decide on output policies beyond January with monthly increases not exceeding 500,000 bpd. ,monthly meetings by OPEC+ will make price moves more volatile and complicate hedging by U.S. oil producers. After the OPEC decision, crude prices extended gains, trading 1.2% higher at $48.83 a barrel by 1900 GMT.

3. Reuters reported that The Trump administration on Friday declined to give TikTok more time to comply with an order requiring it to divest from its US assets. Last week, the Committee on Foreign Investment in the United States granted ByteDance a one-week extension until Friday over the order to shed TikTok’s US assets. President Donald Trump’s August order gave the Justice Department the power to enforce the divestiture order once the deadline expired, but it is unclear when or how the government may seek to compel divestiture.

4. The American CNBC reported President Donald Trump has a bill on his desk that could kick several Chinese companies off U.S. stock exchanges and inflame an already strained relationship between Washington and Beijing. The Holding Foreign Companies Accountable Act would force companies to give up their listings on Wall Street if they refuse to open their books to U.S. accounting regulators. It could also bar them from raising money from American investors. While the law technically applies to companies from any country, it is mainly targeting Chinese corporations.

5. The Red & Black list of Sina’s black cat complaint platform shows that the black cat complaint platform has received more than 3.07 million consumer complaints by the end of November 2020, with more than 210,000 complaints in November.The incident of Egg-shell Apartment at the beginning of November caused widespread concern, and the number of complaints about Egg-shell Apartment increased dramatically, while the WeBank(China), which is the partner of Egg-shell Apartment, also received a significant increase in the number of complaints about rental loans, which hit the top 10 of the Black list  in the month.

By  【G-Translators – Financial Team – Wenyin】

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