Markets Rattled as Global Firms Ditch Huawei
Japanese electronics giant Panasonic and British chipmaker Arm Holdings have become the latest major firms to cut ties with the embattled Chinese telecom company after it was blacklisted by the U.S. last week. The company’s partnership with Arm is especially important because the U.K. firm provides key designs for Huawei-made chips — yet another blow to its global business amid Beijing’s ongoing standoff with Washington.
How are Huawei’s suppliers doing? Their shares have taken a hit, with companies like Hong Kong-based Sunny Optical sinking more than 7 percent, while Asian stocks fell to a four-month low Thursday.
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