NEWSLETTER
Thursday / September 29Sep 29
Wednesday / August 3
Pelosi in Taiwan
US House of Representatives Speaker Nancy Pelosi arrived in Taiwan late on Tuesday on a trip. She said her visit shows an unwavering American commitment to the Chinese-claimed self-ruled island. China condemned the highest-level US visit in 25 years as a threat to peace and stability in the Taiwan Strait.
"Our congressional delegation's visit to Taiwan honors America's unwavering commitment to supporting Taiwan's vibrant democracy. America's solidarity with the 23 million people of Taiwan is more important today than ever, as the world faces a choice between autocracy and democracy," Pelosi said in a statement.
China's foreign ministry said it lodged a strong protest with the United States, saying Pelosi's visit seriously damages peace and stability in the Taiwan Strait, "has a severe impact on the political foundation of China-U.S. relations, and seriously infringes upon China's sovereignty and territorial integrity."
The Chinese military has been put on high alert and will launch "targeted military operations" in response to Pelosi's visit, the defence ministry said.
The Chinese military announced joint air and sea drills near Taiwan starting on Tuesday night and test launches of conventional missiles in the sea east of Taiwan, with Chinese state news agency Xinhua describing live-fire drills and other exercises around Taiwan from Thursday to Sunday.
Kirby said China might engage in "economic coercion" toward Taiwan, adding that the impact on American-Chinese relations will depend on Beijing's actions in the coming days and weeks.
Markets react
Wall Street ended lower after a choppy session on Tuesday, with geopolitical tensions flaring after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan.
Microsoft and Visa lost 1.1% and 2.4% respectively, weighing on the S&P 500. All 11 S&P 500 sector indexes lost ground, led lower by real estate which lost 1.3%. Financials dipped 1.1%.
Shares of US defense companies Raytheon Technologies Corp, Lockheed Martin Corp, Northrop Grumman Corp, and L3Harris Technologies, rallied for much of the session, ending with gains between 0.5% and 2.3%. The United States is Taiwan's main supporter and arms supplier.
The S&P 500 declined 0.66% to end the session at 4,091.32 points.
The Nasdaq declined 0.16% to 12,348.76 points, while Dow Jones Industrial Average declined 1.23% to 32,396.30 points.
US jobs
US job vacancies fell in June to their lowest level in nine months, suggesting that labour market tightness may be loosening up a bit amid mounting economic challenges.
The Job Openings and Labor Turnover Survey, or JOLTS, released by the US Labor Department on Tuesday, revealed that job openings fell to 10.7 million in June from a higher-than-expected 11.3 million in May. The fall of 605,000 was the most since April 2020.
Retail and wholesale trade sectors saw a decrease of 343,000 and 82,000 positions, respectively. Construction also saw a decline of 71,000 openings.
On the upside, job openings increased 79,000 in healthcare and social assistance.
US arms sales to Saudis
The U.S. State Department approved the potential sale of Terminal High Altitude Area Defense (THAAD) missile interceptors to the United Arab Emirates and Patriot missile interceptors to Saudi Arabia in separate deals worth as much as $5.3 billion, the Pentagon said on Tuesday.
The potential deals, which would resupply key missile defense systems for the two countries, came just weeks after President Joe Biden's July trip to the region. Biden had hoped to reach an oil production deal to lower gasoline prices as inflation hits 40-year highs and threatens his approval ratings.
US House of Representatives Speaker Nancy Pelosi arrived in Taiwan late on Tuesday on a trip. She said her visit shows an unwavering American commitment to the Chinese-claimed self-ruled island. China condemned the highest-level US visit in 25 years as a threat to peace and stability in the Taiwan Strait.
"Our congressional delegation's visit to Taiwan honors America's unwavering commitment to supporting Taiwan's vibrant democracy. America's solidarity with the 23 million people of Taiwan is more important today than ever, as the world faces a choice between autocracy and democracy," Pelosi said in a statement.
China's foreign ministry said it lodged a strong protest with the United States, saying Pelosi's visit seriously damages peace and stability in the Taiwan Strait, "has a severe impact on the political foundation of China-U.S. relations, and seriously infringes upon China's sovereignty and territorial integrity."
The Chinese military has been put on high alert and will launch "targeted military operations" in response to Pelosi's visit, the defence ministry said.
The Chinese military announced joint air and sea drills near Taiwan starting on Tuesday night and test launches of conventional missiles in the sea east of Taiwan, with Chinese state news agency Xinhua describing live-fire drills and other exercises around Taiwan from Thursday to Sunday.
Kirby said China might engage in "economic coercion" toward Taiwan, adding that the impact on American-Chinese relations will depend on Beijing's actions in the coming days and weeks.
Markets react
Wall Street ended lower after a choppy session on Tuesday, with geopolitical tensions flaring after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan.
Microsoft and Visa lost 1.1% and 2.4% respectively, weighing on the S&P 500. All 11 S&P 500 sector indexes lost ground, led lower by real estate which lost 1.3%. Financials dipped 1.1%.
Shares of US defense companies Raytheon Technologies Corp, Lockheed Martin Corp, Northrop Grumman Corp, and L3Harris Technologies, rallied for much of the session, ending with gains between 0.5% and 2.3%. The United States is Taiwan's main supporter and arms supplier.
The S&P 500 declined 0.66% to end the session at 4,091.32 points.
The Nasdaq declined 0.16% to 12,348.76 points, while Dow Jones Industrial Average declined 1.23% to 32,396.30 points.
US jobs
US job vacancies fell in June to their lowest level in nine months, suggesting that labour market tightness may be loosening up a bit amid mounting economic challenges.
The Job Openings and Labor Turnover Survey, or JOLTS, released by the US Labor Department on Tuesday, revealed that job openings fell to 10.7 million in June from a higher-than-expected 11.3 million in May. The fall of 605,000 was the most since April 2020.
Retail and wholesale trade sectors saw a decrease of 343,000 and 82,000 positions, respectively. Construction also saw a decline of 71,000 openings.
On the upside, job openings increased 79,000 in healthcare and social assistance.
US arms sales to Saudis
The U.S. State Department approved the potential sale of Terminal High Altitude Area Defense (THAAD) missile interceptors to the United Arab Emirates and Patriot missile interceptors to Saudi Arabia in separate deals worth as much as $5.3 billion, the Pentagon said on Tuesday.
The potential deals, which would resupply key missile defense systems for the two countries, came just weeks after President Joe Biden's July trip to the region. Biden had hoped to reach an oil production deal to lower gasoline prices as inflation hits 40-year highs and threatens his approval ratings.
