US Secretary of State will talk about China-based companies
Reuters reports that US Secretary of State Mike Pompeo will warn later today about the accounting practices of China-based companies. In terms of actions, he will say that Nasdaq's decision to tighten listing rules for these companies is a model for other exchanges.
Case in point, for some reason people are buying Lukin Coffee shares today despite it being exposed as a fraud. That argues that investors need to be protected from their own stupidity. But if that's the case then there need to be a long, hard look at levered ETFs.
Shares are up 60% today.
