US Pres. Trump to add two Chinese companies to defense blacklist – Reuters

Amid the latest on the Sino-American row, the Trump administration is said to add China’s top chipmaker SMIC and national offshore oil and gas producer CNOOC to its blacklist of alleged Chinese military companies, Reuters reports, citing a document and sources.

This comes after Reuters reported earlier this month that the Department of Defense was set to ban four more Chinese companies, bringing the number of Chinese companies affected to 35.

The outgoing-President Trump is emphasizing its tough policy stance on China, escalating tensions between the world’s two largest economies.

Market implications

The risk sentiment is cautiously optimistic amid coronavirus vaccine hopes and upbeat Chinese Manufacturing PMI. Although the virus and economic growth concerns continue to play out into the monthly closing.

AUD/USD holds near three-month tops above 0.7400 while S&P 500 futures drop 0.22% to trade near 3,625.                                         

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