Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Samsung will pay 80 million Yuan to Huawei over patent case
Samsung Electronics's mainland subsidiaries have been ordered by a Chinese court to pay up to 80 million Yuan to Huawei Technologies for patent infringement. That’s a Chinese company’s first victory against Samsung in clashes over intellectual property.
The Quanzhou Intermediary Court has ordered three units of Samsung to pay the sum for infringing a patent officially held by the handset unit of Huawei - Huawei Device Co Limited. That’s what a government-run newspaper, the Quanzhou Evening News informed on Thursday on its website.
The verdict appears to be the first on several lawsuits of Huawei against Samsung. By the way, in May Huawei filed lawsuits against the South Korean giant in Chinese and US courts. In return Samsung countersued the Chinese rival in China for IP infringement.
Huawei’s spokesman told it welcomed the court's verdict. As for Samsung, the South Korean giant told it will decide on the response to the court's verdict after reviewing the ruling.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.