Stock Markets Tumble Following Trump’s Ban on Chinese Tech Firms

07 August 2020

    Asian and world markets saw a fall Friday, following Donald’s Trump ban on US transactions with major Chinese tech apps - WeChat and TikTok, now labeled “significant threats”. Executive orders will come into effect in 45 days, giving ByteDance a chance to secure its deal with Microsoft.


    The new development came soon after the US ordered China to vacate its consulate in Houston as a response to Chinese requiring the US to vacate its consulate in Chengdu. Logically, investors worry the tech conflict will further aggravate existing US-China tensions.


    "Perhaps China could block Apple or Microsoft from China. The information sector growingly looks divided into two camps. We could be seeing just the beginning of an information technology war," said Nana Otsuki, chief analyst at Monex Securities.


    Euro Stoxx 50 futures fell 0.3% and S&P 500 - 0.5%, while MSCI's broadest index of Asia-Pacific shares outside Japan lost 1% and Hong Kong's Hang Seng - 1.8%. In turn, Mainland China's CSI 300 Index fell 1.9% despite strong export data, while Japan's Nikkei saw a 0.6%. slip.

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