Most global stock markets rose after the US government issued a 90-day grace period on its order to bar US firms from selling to Chinese telecom giant Huawei.
By Joe McDonald, Associated Press
May 21 2019 12:52 PM
Most global stock markets rose after the US government issued a 90-day grace period on its order to bar US firms from selling to Chinese telecom giant Huawei.
The reprieve eases the immediate hit on US suppliers and has at least temporarily quelled investors’ anxiety over the curbs on sales to Huawei, which had been dragging down Wall Street.
The founder of Huawei also expressed confidence that Washington’s curbs on sales to the Chinese tech giant will have little impact on the company.
Ren Zhengfei said it is discussing “emergency relief” from Google for possible loss of services for its smartphone business. He said the company has “supply backups” if it loses access to American components.
London’s FTSE 100 rose 0.7% to 7,359 points and Frankfurt’s DAX gained 0.9% to 12,150. France’s CAC 40 was more than 0.4% higher at 5,382.
On Wall Street, future contracts for the Standard & Poor’s 500 index gained 0.5% to 2,857. The same for the Dow Jones Industrial Average rose 0.4% to 25,804.
Anxiety over US-Chinese trade tension was reignited last week by Washington’s decision to require export licenses for technology sales to Huawei Technologies Ltd.
