Global shares slide for third consecutive day
Markets slumped as traders digested the arrest of a Huawei executive in Canada for extradition to the US, and its implications for US-China tensions
London — Global stock markets slumped for a third consecutive day on Thursday as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the US fed fears of fresh tensions between the two economic superpowers. The arrest of Huawei’s CFO Meng Wanzhou, who is also the daughter of the firm’s founder, triggered renewed fireworks coming just as Washington and Beijing prepare for crucial trade negotiations. Asian markets took a beating. Huawei is not listed but China’s second-largest telecom equipment maker ZTE Corp sank 9% in Hong Kong while most of the nearby national bourses lost at least 2%. Europe slumped too in early trading as 3% falls for the tech sector, miners and also carmakers kicked London, Frankfurt and Paris to two-year lows “We had this very ugly new turn and just the degree to which the market has reacted just suggests to me that they are vulnerable right now,” said Saxo Bank head of forex strategy John Hardy. “I think we should all be very...
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