Global sell-off: Markets shiver as US-China trade war intensifies

Sensex on Thursday plunged 1.59 per cent as a global sell-off triggered by the arrest of a top executive of Chinese telecom major Huawei in Canada hit the sentiment ahead of a crucial OPEC oil meet. Besides, rising anxiety among the participants ahead of assembly elections results and weakening of the rupee further dampened the mood.

Global markets nosedived after Huawei CFO Meng Wanzhou, who is also the company founder’s daughter, was arrested in Canada for extradition to the US. Oil stocks headed for their worst day in two-and-a-half years as crude prices spilled.

The weakening rupee, which plunged below the 71 per dollar mark intra-day, and fresh foreign fund outflows further dented the investor sentiment, analysts said. The rupee, which had strengthened above 70 level recently, closed 44 paise lower at 70.90 against the dollar.

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