Saturday 15 December 2018
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business-standard - 9 days ago

Markets tumble as Huawei arrest rekindles US-China trade fears

World markets slumped Thursday as the arrest of a top executive at Chinese telecoms giant Huawei raised doubts over the recent trade truce agreed by US President Donald Trump and Chinese counterpart Xi Jinping. Fears over the potential trade fallout saw the Frankfurt DAX index, London and Paris all shed three percent and Wall Street joined the global stocks sell-off, opening sharply lower as the Dow Jones Industrial Average slid 2.0 per cent. The broad-based S P 500 sank 1.9 per cent to 2,648.04, while the tech-rich Nasdaq Composite Index shed 2.2 per cent to 7,002.02 as Wall street returned to action. The US markets were closed Monday for the funeral of former president George H.W. Bush. After some semblance of tranquility on Wednesday, markets are in the thick of it as news regarding Chinese smartphone Company Huawei suggest that US-China tensions are well beyond the tit for tat tariff war, said Oanda s Stephen Innes. The markets tanked after the arrest of Huawei executive ...

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