Tensions Between the US and China Over Tech Companies Caused Reticence Among Investors

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The mounting tensions between the United States and China over Chinese tech companies caused some reticence among investors.

 

Tech investor Prosus was therefore under pressure on the Damrak. Better-than-expected export figures from China and Germany kept losses limited.

The essential American jobs report, which will be released later today, was also awaited.

The AEX index on Beursplein 5 recorded 0.3 percent in the negative at 556.63 points around noon. The MidKap lost 0.7 percent to 782.10 points. The stock exchanges in Frankfurt and London fell to 0.4 percent. Paris fell 0.7 percent.

Prosus (minus 4.8 percent) was the most significant drop in the AEX. US President Donald Trump has signed a presidential decree banning US companies’ transactions with ByteDance, the Chinese company behind TikTok, and Tencent, the owner of WeChat, in 45 days.

Trump fears that the companies will pass on information about American citizens to the Chinese government via the popular apps. Prosus has a significant interest in Tencent.

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