One of Trump’s most hawkish advisers is ousted, Hong Kong’s special status raises technology fears and Apple unveils three new iPhones. Here are some of the things people in markets are talking about today. Bolton Out
Hawkish U.S. national security adviser John Bolton has been ousted. President Donald Trump tweeted that he had fired Bolton after disagreeing “strongly” with many of his positions and that he would announce a successor next week. Minutes later, Bolton contradicted the president on Twitter, saying that he had offered to resign Monday night and Trump deferred the discussion. Bolton was known for his hardline approach to U.S. adversaries, including Iran, North Korea and Venezuelan President Nicolas Maduro. His departure is a boon for Secretary of State Michael Pompeo, who had clashed with the national security adviser and now assumes an unchallenged role as Trump’s closest adviser on foreign policy.
Tech Weak Link
U.S. senators are concerned about whether American export controls are strong enough to prevent China from getting sensitive American technology through Hong Kong. “We believe it is critical that the United States take appropriate measures to ensure China does not abuse Hong Kong’s special status under U.S. law to steal or otherwise acquire critical or sensitive U.S. equipment and technologies,” a bipartisan group of senators wrote in a letter to Michael Pompeo and Secretary of Commerce Wilbur Ross. Intellectual property theft and the drive for technological dominance are key issues in Trump’s trade war with China. Members of Congress also raised concerns that the Chinese government is using technology to suppress dissent in Hong Kong.
Asian futures are in the green after U.S. stocks erased losses in the final moments of trading. Treasury yields rose for a fifth day. The Dow Jones Industrial Average closed positive, while the S&P 500 was little changed and the Nasdaq ended in negative territory as investors continued to gravitate toward value shares. The Dow had briefly