News24
08 Aug 2020, 01:43 GMT+10
Nilan Morar, VP of trading at GT247 said the announcement by Trump relates to the US trade tensions with China. Trump's announcement comes when the US election is less than three months away, and he has said the ban is in the interests of US security, and with the US election being less than three months away.
"It's certainly election-related, he is trying to make his mark," said Morar.
READ | US-China tensions send Asia markets tumbling
'Noise' or cause for concern?
"Tencent was down 10% at open, and had recovered by close - but on the open the perception as that this was going to hurt them," Morar added.
There are views that Trump is trying to get TikTok bought by US company, which according to some reports is Microsoft. The app is estimated to have about 800 million monthly users.
Investment analyst Simon Brown, said that the market moves might just be "noise", ahead of the US election and amid the US-China trade war.
"If it's just a ban of WeChat in the US, it's not going to do anything to Tencent's earnings," he said.
"Within a week or two or maybe even sooner we will have all forgotten about this and moved on."
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationTOKYO, Japan: Japan's demographic challenges intensified in 2024, with the number of births falling to another all-time low—underscoring...
BEIJING, China: A little-known office inside China's Ministry of Commerce has become a powerful chokepoint in the global auto and tech...
BERLIN/FRANKFURT: Some car parts factories in Europe have stopped production, and companies like Mercedes-Benz are making backup plans...
BEIJING, China: The public security bureau in Guangzhou, a city in China, has announced a secret reward for more than 20 people it...
ISLAMABAD, Pakistan: Pakistan's army said on June 4 that its security forces raided a militant hideout and killed 14 insurgents during...
SEOUL, South Korea: South Korea's new president, liberal Lee Jae-myung, took office on June 4 after a dramatic and chaotic few months....
CINCINNATI, Ohio: Facing global economic headwinds and mounting tariff pressures, Procter & Gamble announced plans this week to cut...
AMSTERDAM, Netherlands: Tesla saw a sharp decline in sales across several major European markets in May, marking its fifth consecutive...
BERLIN/FRANKFURT: Some car parts factories in Europe have stopped production, and companies like Mercedes-Benz are making backup plans...
CHICAGO, Illinois: McDonald's is bringing back its much-loved Snack Wrap in the U.S. starting July 10. The wrap, which includes chicken,...
GOODLETTSVILLE, Tennessee: Dollar General reported record sales of US$10.44 billion for the latest quarter and raised its full-year...
SOUTH BURLINGTON, Vermont: Beta Technologies has become the first U.S. company to land an all-electric aircraft at an airport in the...