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Fallout from Google's Huawei Android restriction: Morning Brief

Monday, May 20, 2019

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A couple of key events this week will be grabbing the attention of market watchers.

Earnings season is coming to a close. About 94% of the S&P 500’s market cap has already reported quarterly results, but this week some key retailers will be gearing up to report. This week, 22 companies representing nearly 4% of the S&P 500 will be releasing results. Some big names include Home Depot (HD), Kohl’s (KSS) and Nordstrom (JWN) on Tuesday; Lowe’s (LOW) and Target (TGT) on Wednesday; Best Buy (BBY) on Thursday.

Moreover on Wednesday, the Federal Open Market Committee (FOMC) will be releasing its minutes from its last meeting at 2 p.m. ET.

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A Huawei Andoir phone is seen with Google applications in the background in this photo illustration on February 1, 2018. (Photo by Jaap Arriens/NurPhoto via Getty Images)

The real fallout from Google's Huawei Android restriction: Google (GOOGL) dealt a major blow to Chinese telecom giant Huawei by blocking it from some updates to the Android operating system. This means new designs of Huawei smartphones will lose access to some Google apps. [Yahoo Finance UK]

Also: Top U.S. tech companies begin to cut Huawei off [Bloomberg]

Pound edges off 5-month lows: Sterling has edged higher from a five-month low against the dollar, as investors gave a lukewarm welcome to UK prime minister Theresa May’s latest bid to get MPs to back a Brexit deal. The pound inched up 0.25% in early trading, after plunging to its worst week since October 2017 when cross-party talks on Brexit broke down last week. [Yahoo Finance UK]

Trump warns Iran not to threaten U.S. or it will face 'end': President Donald Trump warned Iran early on Monday not to threaten the United States again or it'll face its "official end," shortly after a rocket landed near the U.S. Embassy in Baghdad overnight. [Associated Press]

Also: Trump says tariffs making companies leave China [Reuters]

Deutsche Bank denies report it prevented Trump transactions being flagged: Deutsche Bank denied a report that said some of its executives rejected the advice of the bank's own anti-money laundering specialists and prevented some transactions involving entities controlled by President Donald Trump and his son-in-law, Jared Kushner, being filed with the government. [Reuters]


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