Asian stock prices fell Thursday, led by tumbling tech stocks, following the news of the arrest by Canadian authorities of the chief financial officer of China’s Huawei Technologies for possible extradition to the United States. Meng Wanzhou was detained in Vancouver, British Columbia, on Saturday, but the news is only recently being released.
U.S. stock market futures dropped, with Dow Jones Industrial Average futures YMZ8, -1.34% down more than 300 points, or 1.4%.
Read: Huawei CFO arrested in Canada at U.S. request for allegedly breaking Iran sanctions
“We are closely watching the developments in Asia after reports that Canada has arrested the Huawei CFO facing U.S. extradition for allegedly violating Iran sanctions. This headline is quite significant as the U.S. government is attempting to persuade allies to stop using Huawei equipment due to security fears, and this headline could weigh negatively on tech stocks,” said Stephen Innes, head of trading at Oanda in Singapore.
Also: China may target U.S. executives after arrest of Huawei CFO, this expert warns
Hong Kong’s Hang Seng Index HSI, -2.62% plunged 2.7% in early Thursday trading, with tech stocks taking the brunt. Tencent 0700, -3.49% was off 3%, while AAC 2018, -5.77% and Sunny Optical 2382, -6.28% each fell more than 5%.
Stocks in mainland China dropped as well, with the Shanghai Composite SHCOMP, -1.28% down 1.3% and the smaller-cap Shenzhen Composite 399106, -1.32% off 1.4%.
Japan’s Nikkei NIK, -2.16% fell 1.8%, with Nintendo 7974, -4.36% and SoftBank 9984, -4.42% each down more than 3%. South Korea’s Kospi SEU, -1.37% fell 1.2%, with Samsung 005930, -1.93% down 2% and SK Hynix 000660, -2.79% falling 2.6%. Taiwan’s benchmark Y9999, -2.23% sank more than 2%, and Singapore stocks STI, -1.17% fell more than 1%.
Losses were less severe in Australia, where the ASX 200 XJO, -0.52% was down 0.4%, while New Zealand’s benchmark NZ50GR, -0.27% edged down 0.2%.
Meanwhile, benchmark U.S. crude CLF9, -1.08% lost 21 cents to $52.68 a barrel. It fell 0.7 percent to $52.89 per barrel in New York. Brent crude LCOG9, -0.75% , used to price international oils, declined 10 cents to $61.46.
The dollar USDJPY, -0.42% slipped to 112.81 yen from 113.19 yen.
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