Reuters reveals Google suspends some business with Huawei after Trump blacklist; market reacts

Reuters exclusively reported that Alphabet Inc’s Google has suspended business with Huawei that requires the transfer of hardware, software and technical services except those publicly available via open source licensing, in a blow to the Chinese technology company that the U.S. government has sought to blacklist around the world. The Reuters report, which questioned the future of Huawei’s smartphone business, and the subsequent reaction from Huawei’s supply chain partners, rocked technology stocks across the globe on Monday. Tech stock in Europe fell between 4 to 11.5%. Fears over the impact of the news and possible retaliation drove shares of Apple, Qualcomm, Micron Technology and Broadcom down between 3 to 5% in morning trade.