Strong bear on the loose

Dow Jones Industrial Averages dives more than 400 points as President Trump ready to introduce new trade tariff against China. The trade tariff feared will incite trade wars around the world which let investors pulled out from risk assets.

The bearish situation also attributed to the Fed Jerome Powell who throws mixed signal in the latest FOMC press conference. The Fed chief looks dovish, opposite to his stance when testifying to Senate and Congress. The mixed stance signaled uncertainties in the market.

Facebook misappropriation of user data

Mark Zuckerberg finally make an official statement after the massive breach of personal data to Cambridge Analytica, a company which works closely with President Trump during 2016 election. Facebook (NASDAQ: FB) will ban developers who misused user’s data, restrict access to user information, and allow the user to easily revoke app permission.

Asian & European Stock market

Asian stock market closed mixed. Nikkei up 211.02 points (+0.99%) to 21,591.99, Shang Hai Composite down 17.12 points (-0.52%) to 3,263.83 and Australia ASX 200 down 13.10 points (-0.22%) to 5,937.20. European stock market on retreat. DAX Germany down 2.11%, FTSE UK down 1.59%, and Euro STOXX 600 down 1.91%.

Germany defend China on Trade Tariff

The country criticizes President Trump plan to impose up to $30 billion import tariff to China. A spokesperson said base on past-experience, if one country starts to impose a tariff then there will be retaliation. The action and reaction of trade tariff impacted negatively on everyone and not suggested.

Chancellor Angela Merkel shunned the trade tariff plan and considered the tariff is unlawful. Germany once again reminded the U.S, the move to protectionism would only hurt everyone.