Video games industry has been hit hard by China/US tensions

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The stock exchanges in New York went out of business on Friday with a mixed picture. The growing tensions between the United States and China have clearly impacted on the tech sector, as American president Donald Trump also targets the Chinese ten cents. Investors also responded to the political stalemate in Washington surrounding a comprehensive support package against the coronacrisis. The White House is now alluding to incentives that Trump can implement on his own.

The Dow Jones index was 0.2 percent higher at 27,433, 48 points. The broad S&P 500 won just under 0.1 percent to 3351.28 points and Tech Exchange NASDAQ dropped 0.9 percent to 11.010.98 points.

Microsoft and Apple were hit by heavyweights to 2.5 percent after Trumps ‘ attack on the popular WeChat app by Tencent and TikTok Bytedance. His upcoming ban on WeChat transactions could affect, among other things, the sale of iPhones in China, because Chinese consumers will be mass-minded about smartphones if the app is not running.

Developers of computer games Activision Blizzard and Electronic Arts lost up to 5 percent. Both work with Tencent on games.

There was also attention for Uber, which went down 5.2 percent. The company behind the cab app of the same name experienced the first loss of sales in the last quarter and suffered a net loss.

Travel Booking Holdings also came up with figures and got hit pretty hard by the coronacrisis. The number of bookings at the parent company of the Netherlands Booking.com dropped by 87 percent. The stock won 0.2%.

Biogen Biogen Biogen has risen by more than 10%. The company’s Alzheimer medicine Adducanumab is assessed more quickly by the US Medicines Authority FDA.

The euro was worth USD 1,1785, compared with USD 1,1789 when the European stock markets were closed. The price of a barrel of American oil fell 1.1 percent to 41.51 dollars. Brent oil was one percent cheaper at $ 44.62 per barrel.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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