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All five commissioners of the US  Federal Communications Commission (FCC) is expected to vote in favour of the proposal designating Chinese telecommunication giant Huawei and ZTE as national security risks to bar them from government subsidy program, Reuters reported citing officials familiar with the matter.

This development seems to be weighing on the market sentiment. As of writing, the 10-year US Treasury bond yield was down nearly 1% on the day and the S&P 500 and the Nasdaq Composite were in the negative territory.