It was another quiet overnight session with regards to macro headlines. Treasury prices are little changed, and global equities are mixed. The Wall Street Journal is reporting that the U.S. is pursuing a criminal investigation of Huawei Technologies, the Chinese telecom giant, for allegedly stealing trade secrets from U.S. business partners.  When the White House initiated trade actions against China and other trading partners last year, a major area of focus was to pursue claims of intellectual property theft and technology transfer from Chinese companies. In a separate story, Reuters is reporting that the German government is considering options that would restrict/exclude Huawei from 5G networks in the country due to security concerns. As the WSJ article notes, the U.S. had already effectively blocked the company from installing its telecom equipment in major U.S. networks on concerns that it could be used to spy on U.S. citizens.     

Jason Haley
Managing Director, Investment Management Group