Trump Puts US Companies Dealing With Chinese Apps On 45 Days’ Notice

US President Donald Trump has issued two executive orders giving US companies 45 days’ notice to stop dealing with Bytedance, owner of now-infamous social media app TikTok, and WeChat, a Chinese messaging platform owned by Tencent (TCEHY). Asian shares tumbled on the news of the orders as the move signifies a major escalation of the situation from rhetoric to action. Tencent’s shares fell by as much as 10% on the news while Alibaba was down 6.4%.

The White House also signaled its intention to force Chinese firms listed on US stock indices to submit to US audit requirements. Failure to comply, according to the plan, will result in the Chinese firm being ejected from their respective US index. Under the plans, companies have until 2022 to obey the new rules. Chinese firms that aren’t yet publicly traded but intend to list would have to comply preemptively with the new policy.

Nasdaq closes at record high as US markets make modest gains on okay jobless data

US markets were up modestly on Thursday as fresh jobless data showed fewer people than expected seeking employment benefits. The tech-heavy Nasdaq closed up 1% at 11108.07, a record high, the fourth consecutive record close. Meanwhile, the S&P 500 rose 0.6% and the Dow Jones was up 0.7%. The Nasdaq was led higher by ADiTx Therapeutics, up 93.4%, on the news it had developed a coronavirus test that was capable of differentiating between different types of antibody.

The biggest winner in the S&P 500 was MGM Resorts International, rising 10.4%, as it announced its hotel-casino tenants were paying rent on time and in full. Facebook’s stock was also up a healthy 6.5% on the back of the ongoing saga between Trump and TikTok, as it announced a new feature on its Instagram platform called ‘Reels’, which appeared to be a play at TikTok’s main features. Facebook has form for copying and improving upon competitors’ USPs, most notably copying stories from Snapchat in 2016. The biggest mover in the Dow Jones was Apple Inc, up 3.5%. On the days Apple released its new Big Sur Mac operating system to beta users for testing.

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