Asian markets decrease

On Thursday, Asian markets tumbled in the morning, with Hong Kong shares losing nearly 3% after the detaining of the chief financial officer of Huawei Technologies.

On Wednesday, Canada’s Department of Justice informed that CFO of Huawei, Meng Wanzhou was detained in Vancouver. She’s blamed for violating American sanctions. She’s currently being extradited to the USA.

After that announcement, in Canada, China’s embassy criticized this country and America for this arrest and also demanded her release right now.

At the request of the US, the Canadian police detained a Chinese citizen who hadn’t broken any Canadian or US law. That’s what China’s embassy told in a brief statement on its official website.

The news showed up after China and the United States decided to cease the planned lift in duties to 25% from 10% on China’s imports a bit earlier this week.

China’s Ministry of Commerce published its first official statement on Wednesday’s gathering and stressed that it was successful. However, it didn’t provide any details on the result of those talks.

The Ministry emphasized that China would start working rapidly to take certain steps already agreed upon, since both parties actively promote the work of talks within 90 days in compliance with a clear timetable as well as road map.

As Bloomberg News informed, officials have started reparations to restart imports of American soybeans as well as liquefied natural gas.

The Hang Seng Index reached 26,061.00 in Hong Kong, declining by 2.9%. The Shanghai Composite along with the Shenzhen Component in China both sank by respectively 1.3% and 1.6%.

Additionally, Australia’s ASX 200 went down by 0.7% after data disclosed that in October the country's trade surplus amounted to nearly AUD 2.3 billion versus the anticipated AUD 3.2 billion from a Reuters survey.

Nikkei 225 dived by 2.3% in Japan, while South Korea’s KOSPI declined by 1.4%.

stock market asia trade wars