The trade war simmers
The nexus of the US-China trade war is definitely in computer chips.
The late selling in stock markets came after a report saying a Chinese court blocked the sale of memory products from Micron. Shares of the company fell 6.6% and the news dragged down broader indexes.
China's Fuzhou Intermediate People's Court issued a preliminary injunction halting sales of "PRC 26 DRAM and NAND-related items", including certain solid-state hard drives and memory sticks.
There was a big relief rally today in markets after the reversal in the yuan on the PBOC statement but this shifts the battlefront from one area (currency) to another (courts).
The US is scheduled to impose tariffs on $34 billion of Chinese goods on Friday with Beijing promising immediate retaliation.
USD/JPY remains near the day's low at 110.55 after trading as high as 111.14.
