Markets sink after Huawei CFO arrest

North American stock markets sank deep into the red in late-morning trading amid worries that the arrest of a senior executive at Chinese telecom equipment maker Huawei could derail progress in China-U.S. trade talks.

The U-S Justice Department wants Meng Wanzhou extradited to face charges in New York, but is not providing further details about the case.

The S&P/TSX composite index was down 374.30 points at 14,808.34.

In New York, the Dow Jones industrial average was down 679.69 points at 24,347.38.

The S&P 500 index was down 67.37 points at 2,632.69, while the Nasdaq composite was down 144.36 points at 7,014.07.

The Canadian dollar traded for 74.53 cents U-S compared with an average of 74.89 cents on Wednesday.

The January crude oil contract was down US$1.77 at US$51.12 per barrel.

(Photo: huawei.com)

Posted in News & Sports

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