Skip to comments.US markets plunge after arrest of Chinese tech executive
Posted on 12/06/2018 10:39:31 AM PST by yesthatjallen
The Dow Jones industrial average plunged more than 500 points on Thursday, the first day of trading after U.S. authorities secured the arrest of a Chinese technology company executive, fueling fears that the trade war with China is heating up.
News broke late Wednesday that Canadian law enforcement had arrested Meng Wanzhou, chief financial officer of Huawei Technologies, a major Chinese tech firm that has been linked to the Chinese military.
U.S. officials have requested her extradition, citing a suspected sanctions violation.
A Chinese Foreign Ministry official on Thursday demanded Mengs release and called her detention a possible human rights violation.
The incident sparked fears that China could retaliate and that relations between the two economic superpowers will deteriorate despite what appeared to be progress between President Trump and Chinese President Xi Jinping at the Group of 20 summit (G-20) in Argentina over the weekend.
The Dow was down 517 points, or 2 percent, just after noon on Thursday, while the S&P 500 was off 45 points, just more than 1.5 percent, and the Nasdaq composite dipped by 54 points, or three-quarters of a percentage point, continuing a market sell-off that began in October.
Markets rallied on Monday after Trump signaled a trade truce with China after the G-20 meeting. But any sense of relief has since evaporated.
Trump roiled the markets on Tuesday when he threatened to slap new trade barriers on China in the absence of a deal by the end of February, declaring on Twitter I am a Tariff Man. That move sent the Dow Jones plunging by almost 800 points.
Market futures showed some respite on Wednesday, when markets were closed for a national day of mourning to remember the late President George H.W. Bush, who died last week at the age of 94.
Other indicators, however, show the U.S. economy remains strong.
The ISM non-manufacturing index, which measures the services sector, exceeded expectations, posting a mark of 60.7 compared to the 59.7 expected by Wall Street analysts.
Asked about Trumps impact on the markets, Senate Republican Whip John Cornyn (Texas) said: I need to check my thrift savings plan."
It will come back, he said.
Just a coincidence......................
Can’t let the Chicoms not screw us any more.
And no mention of Iran....
“relations between the two economic superpowers will deteriorate”
Who gives a damn?
We don’t need them, they need us.
So they buy our T-bills? Goody. Let them try to foreclose.
China buys virtually nothing from us and if they do, they copy it and try to produce it themselves. Airplanes? Do a search on “AVIC” and see how they plan to get rid of the last manufactured good they do buy from us (Boeing airplanes).
Just another isolated incident...
Don’t mean NOTHING, folks. Just keep moving, nothing to see here.
But like a train crash, just can’t avert our eyes.
Stock market falling over the arrest of a criminal Chinese official is absolutely idiotic.
“US markets plunge after arrest of Chinese tech executive”
Markets are crashing knowing the Dems are going to turn this economy back down.
Do any of the astute intellectuals posting here realize what Huawei was involved in and the ramifications of all of their actions over a long time?
Let’s see what the responses are besides comments, warning research will be required
And this “plunges the dow”? BS
The fix to get trump..it’s all about booting trump out in 2020!!
I don’t know why any U.S. company, or any company for that matter, would do business with china in this day and age; they have shown repeatedly that they are not to be trusted. They have repeatedly been caught making/selling counterfeit hardware, and other products. The worst one, IMHO, was when they were spiking pet food, and later baby forumla, with melamine to make it appear to have a higher protein content, and enable them to demand a higher price for their products. Pets were starving to death, and who knows what effect it had on babies. Melamine is a mineral, with absolutely no nutritional value, which mimics the presence of protein, so that substances that have been spiked with it falsely show higher protein content when tested.
Their national mindset is to cheat / steal / cut any corner they can get away with, regardless of any prior agreement / promise / contract they made, and if YOU don’t catch them at it, and you get screwed, they consider it YOUR fault for not catching them at it. They don’t consider their lack of integrity or honesty to be the problem; you are supposed to expect them to do it, and you are at fault if you don’t take measures to catch them at it or to prevent it. If they can cheat you out of a penny at some step in the process, it make their day!
Turns out the DOW only “plunged” 79 points...big deal.
.003 % Ouch!
Probably. Financial journalists are the worst. No one can explain the daily action of 10,000 public companies. It is always a guess,
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