Asian shares tumble after arrest of Huawei CFO
The arrest of the top executive has fed fears of a fresh flare-up in tensions between the US and China
Tokyo — US stock futures and Asian shares tumbled on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the US, feeding fears of a fresh flare-up in tensions between the two superpowers. The news came as Washington and Beijing begin three months of negotiations aimed at de-escalating their bruising trade war, which is adding to lingering investor jitters over higher US interest rates and other risks to global economic growth. S&P500 e-mini futures fell almost 2% at one point in thin Asian morning trade and were last were down 1.3%. The losses in the first few minutes of trading might have been even steeper, but CME Group’s Chicago Mercantile Exchange implemented a series of 10-second trading halts that helped limit the initial drop. Japan’s Nikkei slumped 1.8% by the midday break, with semi-conductor related shares leading the losses. Huawei is one of the world’s largest makers of smartphones and telecommunications network eq...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.