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October 28, 2024

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The United States has approved $2 billion in arms sales to Taiwan, including the first-time delivery to the self-ruled island of an advanced surface-to-air missile defense system, in a move that has drawn China’s criticism.

Taiwan’s presidential office on Saturday thanked Washington for greenlighting the potential arms sales. Under the island’s new president, Lai Ching-te, Taiwan has been stepping up defense measures as China increased its military threats against the territory it claims as its own.

Beijing last week held war games encircling Taiwan for the second time since Lai took office in May.

The US is Taiwan’s strongest unofficial ally and its laws bound it to provide Taiwan with the means to defend itself.

“Strengthening Taiwan’s self-defense capabilities is the foundation for maintaining regional stability,” Taiwan’s presidential spokesperson Karen Kuo said.

China criticized the move, saying it undermined its sovereignty and security interests, was harming US-China relations and threatened peace across the Taiwan Strait, which separates China from Taiwan.

“China strongly condemns and firmly opposes this and has lodged serious protests with the US,” read a statement by a Chinese Foreign Ministry spokesperson. “We will take resolute countermeasures and take all measures necessary to firmly defend national sovereignty, security and territorial integrity.”

The potential sales package includes three National Advanced Surface-to-Air Missile Systems (NASAMS) and related equipment valued at up to $1.16 billion, according to the US State Department’s Bureau of Political-Military Affairs.

It also includes radar systems worth an estimated $828 million.

The NASAMS system has been battle-tested in Ukraine and will help to strengthen the Taiwanese army’s air defense capabilities, Taiwan’s Defense Ministry said.

China’s war games last week were aimed at practicing the “sealing off of key ports and key areas” around Taiwan, according to Chinese officials. Taiwan counted a record one-day total of 153 aircraft, 14 navy vessels and 12 Chinese government ships.

This post appeared first on cnn.com

A British lawmaker has been suspended by the governing Labour Party after footage appeared to show him punching a man repeatedly on the street.

Police are investigating the alleged attack by Mike Amesbury on Friday night, which first came to light after social media footage showed a brawl in the street following the alleged attack.

Subsequent surveillance footage, obtained by the Daily Mail newspaper and published Sunday, appears to show Amesbury talking to a man before punching him in the face and then attempting to strike him again repeatedly on the ground.

Labour said Amesbury is assisting police with their inquiries, and that they have suspended the backbencher “pending an investigation.”

Amesbury has been an member of parliament (MP) since 2017 in Cheshire, northwest England, where the alleged incident took place. He remains an independent member of the House of Commons after losing the party whip.

The lawmaker said in a statement, released before the additional footage was published by the Mail, that he was “involved in an incident that took place after I felt threatened on the street following an evening out with friends.”

He said he had “contacted Cheshire Police myself to report what happened during the incident.”

Cheshire police said in a statement: “A 55-year-old man has been voluntarily interviewed under caution by police in relation to this incident. He has since been released pending further enquiries.”

Labour swept to power in a July general election after 14 years in opposition, winning 411 seats for a commanding majority. Nine of those MPs have since had the whip removed or resigned from the party.

The populist Reform UK party have called for Amesbury to resign and allow a by-election in his seat to take place, which would be the first electoral test of the new government if it were to take place.

MPs are entitled to remain in the Commons after losing the whip. A recall petition in their constituency, which could trigger a by-election, could take place if they were to receive a prison sentence.

This post appeared first on cnn.com

S&P 500 and Nasdaq: Prices and Targets for Friday

  • Wednesday, October 23rd, was very inactive for the S&P 500 as we saw a drop to 5761.8
  • The Nasdaq was under a lot of pressure on Wednesday, October 23, and we saw a drop to 19936.3

S&P 500 chart analysis

Wednesday, October 23rd, was very inactive for the S&P 500 as we saw a drop to 5761.8. The previous support at the 5840.0 level did not hold, and a pullback followed. After the new low, the index managed to start a bullish consolidation up to the 5820.0 level. There, we encountered the EMA 200 moving average, which did not allow us to continue on the bullish side, but a new pullback was initiated.

This time, we get support at the 2785.0 level. During this morning’s Asian session, the S&P 500 managed to stabilize and jump over the EMA 200 moving average. It would be nice to stay up there until the end of this week’s session to put us in a good position for next week. Potential higher targets are 5840.0 and 5850.0 levels. For a bearish option, we need a negative consolidation of the S&P 500 below the 5810.0 daily open level. With that step, we strengthen the bearish momentum, and it remains for the index to continue its retreat. Potential lower targets are 5800.0 and 5790.0 levels.

 

Nasdaq chart analysis

The Nasdaq was under a lot of pressure on Wednesday, October 23, and we saw a drop to 19936.3. After the formation of a new low, the index begins to recover and returns above the 20000.0 level. During this morning’s Asian session we get new support at 20250.0. In that zone, the EMA 200 creates additional support, and the Nasdaq continues up to the 20300.0 level. We are a little short of reaching the weekly open level and moving to the positive side.

Potential higher targets are 20400.0 and 20450.0 levels. For a bearish option, it is necessary for the Nasdaq to pull back below the daily open level. This moves us below the EMA 200 moving average. After that, we expect the rise of bearish momentum and the formation of a new daily low. Potential lower targets are 20200.0 and 20150.0 levels.

 

The post S&P 500 and Nasdaq: Prices and Targets for Friday appeared first on FinanceBrokerage.