In another move to protect 'national security' after the steel and aluminium tariffs, Trump blocked semi-conductor firm Broadcom's $117 billion bid to buy Qualcomm. The Committee on Foreign Investment in the U.S. said it was worried Broadcom could undermine research and development at Qualcomm, given its reputation for its cost-cutting approach. There were worries that the takeover could have led to China pulling ahead in the development of 5G wireless technology. Both stock prices may be volatile when the U.S. market opens today. Shares in Qualcomm have already fallen 5 percent in pre-market trading.
In other news from Washington, a former employee of the Reagan administration Larry Kudlow is being tipped to replace Gary Cohn as a Chief economic adviser. Elsewhere Trump has been (partly) vindicated over accusations of Russia collusion, after U.S. House Intelligence Committee Republicans said they had finished investigating Russia and the 2016 election and found 'no collusion' between the Trump campaign and Moscow's efforts to influence the vote. Democrats accused the Republicans of shirking the investigation in order to protect the President.
Via: https://invstr.com/
