Huawei CFO is arrested in Canada over Iran links

Huawei CFO is arrested in Canada over Iran links

But casting Huawei as the Chinese equivalent of Apple understates its reach and importance - Huawei also manufacturers a tremendous amount of the equipment used by phone and internet companies, as well as providing IT consulting services both in China and around the globe.

"Having swung between optimism and skepticism about a US-China trade war truce through February, and we note Chinese diplomats making positive noise overnight ('friendly and candid atmosphere' between Xi and Trump), traders are understandably cautious", Mike van Dulken, senior markets analyst at Accendo Markets wrote on Thursday morning.

The chief financial officer of China's global telecommunications giant Huawei has been arrested in Canada and faces extradition to the United States, officials said Friday, triggering a strong protest by Beijing, which called for her immediate release.

The company had been investigated by U.S. intelligence, who deemed it a national security threat.

However, the arrest drew a swift response from China, which said it "firmly opposes and strongly protests" the move, adding it had urged Canada and the USA to "immediately correct the wrongdoing". Hong Kong's Hang Seng was down 2.6%. "We struggle to see how a comprehensive agreement can emerge in the next 3 months and instead expect trade tensions to resurface in earnest early next year". Market heavyweight Tencent was two percent lower and AAC Technologies was five percent off.

And in Shanghai, Wingtech Technology was four percent down, Raisecome Technology sank 2.8 percent and Fujian Raynen Technology lost 2.6 percent.

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Taipei-listed tech firms were also hurt. The sector was already under pressure from concerns about future growth and following a surge in recent years.

Huawei Chief Financial Officer Meng Wanzhou was arrested before catching a connecting flight through Vancouver International on Saturday.

"At the request of the USA side, the Canadian side arrested a Chinese citizen not violating any American or Canadian law", the Chinese Embassy in Canada said on Thursday. Taipei was two percent off, while Manila and Jakarta also took a hit.

By 0933 GMT, the pan-regional STOXX 600 .STOXX index had fallen 1.8 percent to its lowest level since December 2016. Under Trump and his predecessor, former President Barack Obama, Washington has pressured European countries and other allies to limit their business with Huawei, alleging the company's technology aids China's spy operations.

James Lewis, the director of technology policy at the Center for Strategic and International Studies, told Axios the US should be prepared for a backlash and warned American tech executives to steer clear of China for now. United States oil tumbled more than 2% as OPEC and its allies debate at a major meeting in Vienna whether to enact a supply cut aimed at balancing the market.

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