Asian Markets Mixed; Chinese Stocks Fall Amid Concerns Over Huawei CFO Arrest

© Reuters. © Reuters. – Asian markets were mixed in morning trade on Friday, with Chinese stocks underperforming as concerns surrounding technology giant Huawei remained in focus.

Japan said it is considering banning government purchases of equipment from Huawei and ZTE (HK:), Reuters reported on Friday citing a person with direct knowledge and a person briefed on the matter.

The news came after Canada’s Department of Justice said on Wednesday that Meng Wanzhou, CFO of Huawei, was arrested in Vancouver due to violations of U.S. sanctions. She is facing extradition to the United States, according to various media.

Earlier this year, the United States banned government purchases of Huawei gear.

The and the both fell 0.3%, while Hong Kong’s slipped 0.1% by 10:02 PM ET (03:02 GMT).

Overnight, U.S. stocks closed mostly lower amid continuing fears over U.S.-China trade relations after the Huawei arrest, but well off their session lows after news broke that the Federal Reserve could tighten monetary policy at a slower pace than previously expected.

The closed 79.40 points lower at 24,947.67 after plunging nearly 800 points, while the closed 0.15%. The erased its losses, closing 0.4% higher at 7,188.26

The Federal Reserve is considering whether to signal a wait-and-see approach to rate hikes at its upcoming meeting this month, the Wall Street Journal reported.

On Thursday, Fed chairman Jerome Powell delivered a bullish assessment of the U.S. economy.

“Our economy is currently performing very well overall, with strong job creation and gradually rising wages,’’ said Powell in his final scheduled public remarks before the central bank goes into a blackout period before its Dec. 18-19 policy meeting. “In fact, by many national-level measures, our labor market is very strong.’’

Traders have reportedly reduced their bets on 2019 rate increases amid stock-market losses and worries over an escalating trade war between the U.S. and China.

Elsewhere in Asia, Japan’s climbed 0.2% in morning trade despite disappointing household spending data.

The country’s was down 0.3% in October from a year earlier, government data showed on Friday, comparing to a median market forecast of a 1.4% rise.

South Korea’s slipped 0.1%, while Australia’s gained 0.5%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.