- Huawei CFO's bail hearing toÌýreconvene Monday
Developments on Chinese tech giantÌýHuawei’s Chief Financial OfficerÌý(CFO) Meng WanzhouÌýare expected to make headlines and affect markets again this week as her bail hearing will reconvene on Monday in Vancouver.
Meng spent the weekend in a Vancouver jail after her bail hearing adjourned Friday with no decision.Ìý
At the request of American authorities, she was arrested in a Vancouver airport on Dec. 1 while she was changing planes en route to Mexico.
U.S. authorities alleged that Meng deceived American banks and other financial institutions to circumvent U.S. sanctions. The Canadian judge, who will decide whether Meng should be granted bail, heard that she lied to banks about Skycom, a Huawei subsidiary in Hong Kong.
She is “charged with conspiracy to defraud multiple international institutions� and each charge carries a maximum prison term of 30 years.
Washington demands that she be extradited from Canada to stand trial in New York Eastern District Court, who issued a warrant for Meng's arrest on Aug. 22.Ìý Ìý
Global investors will continue to closely monitor developments regarding Huawei’s CFO as it is seen as a threat to the 90-day ceasefire between the U.S. and China.
- Cohen’s sentence to be announced Wednesday
Michael Cohen, U.S. President Donald Trump’s former attorney, is scheduled for sentencing on Dec. 12Ìýfor a number of federal crimes, including campaign finance and tax-related offenses.
ÌýIn August, Cohen pleaded guilty to eight federal crimes, including tax fraud and false statements to federal officials. Recently, he also pleaded guilty to one count ofÌýlying to Congress aboutÌýproject work he undertook to build a Trump Tower in Moscow.
Prosecutors from the Southern District of New York suggested that he be given up to 63 months in prison.Ìý
Markets will closely follow the case to gauge how much assistance he provided the Special Counsel’s Russia investigation.
- Inflation, retail sales, industrial production
In the data calendar of the week, consumer price index, retail sales, and industrial production releases will be the focus of markets.Ìý
After last week’s lower than expected non-farm payroll gains, these data will demonstrate how the U.S. economy is performing in the last quarter of the year.Ìý