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Hong Kong : Asia: Markets tumble, China tech hit after Huawei arrest

Dec 06, 2018 (Euclid Infotech Ltd via COMTEX) --

Shares across Asia plunged on Thursday, with technology firms in Hong Kong and Shanghai battered after the arrest of a top executive at Chinese telecoms giant Huawei that has also fuelled fears about the recent China-US trade deal.

As Donald Trump and Xi Jinping's tariffs ceasefire last weekend - which sparked a one-day rally - fades to a distant memory, investors are back in selling mood as they fret over a range of issues including the state of the world economy, oil prices and Brexit.

The chances of trade peace between the US and China took a blow Thursday as it emerged Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm.

Meng is also the daughter of company founder Ren Zhengfei, a former Chinese People's Liberation Army engineer.

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