On Wall Street, the Nasdaq loses more than 3%, concerns over trade

On Wall Street, the Nasdaq index fell more than 3% within one hour from the close, investors worry about the tense environment of trade relations between Beijing and Washington after new information on the Huawei case.

At around 8:10 pm GMT, the high-tech index fell 3.08 percent to 6,966.64 points while the Dow Jones index lost 2.32 percent to 24.369.42 points and l & # 39; # 39; S & P 500 from 2.38 percent to 2.631. , 90 points.

The chief financial officer of the Chinese telecommunications giant Huawei, arrested Saturday in Canada at the request of the United States, is accused of "fraud" by the justice of the United States, was learned on Friday when he appeared before a judge in Vancouver.

It is believed that Meng Wanzhou lied about a branch of Huawei to gain access to the Iranian market in violation of US sanctions, according to documents read at a court hearing in Vancouver. The Canadian government lawyer opposed his release.

In the midst of doubts on the US-China trade front, "the Huawei case led to a total market confusion about what this could mean in the trade," said Tom Cahill of Ventura Wealth Management.

In this very uncertain context about the future of relations between the two countries, brokers have been made even more febrile just before the weekend by comments from Donald Trump's trade and industry consultant Peter Navarro, in a & # 39 Interview with CNN Friday.

"This hawk reminded everyone that the president would raise his rates to 25% on assets of $ 200 billion (Chinese imports) if the discussions failed within 90 days of truce," Briefing analysts reported.

As a result of these uncertainties, almost all the eleven subsectors that make up the S & P 500 have suffered from this complicated weekend, as energy has managed to limit losses thanks to a surge in oil prices after the announcement of an agreement by the Organization of Petroleum Exporting Countries (OPEC) and its partners on a reduction in oil production of 1.2 million barrels per day.

Leave a comment

Send a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.