US Commerce Secretary Raimondo Said There Is No Evidence Huawei Can Produce Advanced Smartphones At Scale
Portfolio Pulse from Charles Gross
US Commerce Secretary Raimondo stated that there is no evidence that Huawei can produce advanced smartphones at scale, according to Reuters.
September 19, 2023 | 2:53 pm
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NEUTRAL IMPACT
The news may have a neutral impact on the SPDR S&P 500 ETF (SPY) as Huawei's production capabilities are not directly tied to the US market.
While Huawei is a major global tech player, its production capabilities are not directly tied to the US market or the companies in the S&P 500. Therefore, this news is unlikely to have a significant impact on the SPY ETF.
CONFIDENCE 90
IMPORTANCE 40
RELEVANCE 30
NEGATIVE IMPACT
The news may negatively impact the iShares China Large-Cap ETF (FXI) as Huawei is a major player in China's tech industry.
Huawei is a significant player in China's tech industry. Any doubts over its production capabilities can negatively impact the overall perception of China's tech sector, potentially affecting the performance of the FXI ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70