Asian markets fall amid Huawei exec’s arrest

By: AP December 10,2018 - 10:42 PM

SINGAPORE — Asian markets were broadly lower Monday after China protested the arrest of a senior executive of Chinese telecoms equipment maker Huawei who is suspected of trying to evade U.S. trade curbs on Iran.

KEEPING SCORE: Japan’s benchmark Nikkei 225 slid 2.1 percent to 21,219.50 after revised data showed that the economy shrank by a worse than expected 2.5 percent in the third quarter. South Korea’s Kospi fell 1.2 percent to 2,051.14. Hong Kong’s Hang Seng shed 1.2 percent to 25,747.06 and the Shanghai Composite index was 0.6 percent lower at 2,590.81. Australia’s S&P/ASX 200 declined 2.3 percent to 5,552.50. Shares fell in Taiwan, Singapore, Indonesia and the Philippines.

WALL STREET: Stocks tumbled on Friday on weaker-than-expected jobs growth and worries that the U.S.-China trade dispute will not be resolved within the 90-day timeframe agreed upon by President Donald Trump and his Chinese counterpart Xi Jinping. The S&P 500 index slipped 2.3 percent to 2,633.08 and the Dow Jones Industrial Average gave up 2.2 percent to 24,388.95. The Nasdaq composite tumbled 3 percent to 6,969.25. The Russell 2000 index of small-company stocks dropped 2 percent to 1,448.09.

HUAWEI ARREST: China has slammed as “extremely egregious” the detention of Huawei Chief Financial Officer Meng Wanzhou and demanded that the U.S. cancel an order for her arrest, the official Xinhua News Agency reported on Sunday. Meng was arrested in Canada on Dec. 1.

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