This archive report was first published on 7 August 2020.
On August 6, 2020, US President Donald Trump signed two executive orders banning transactions between the US and TikTok owner Bytedance and WeChat owner Tencent. The move sparked a decline in global markets, with major US stocks and Asian markets experiencing significant losses.
At market open on Friday, the Shanghai Composite fell by more than 2% at 7:30 am CET, while the Shenzhen Composite declined by more than 3%. The Hang Seng index in Hong Kong plummeted 2.11%, and Japan's Nikkei 225 fell by nearly 1%.
TikTok responded to the executive order, stating that it was 'shocked by the Executive Order' and arguing that it was issued without due process. The China Foreign Ministry also condemned the order, saying it stands very strongly against Trump's ban of the Chinese social media apps.
Separately, Uber Technologies reported its earnings for the second quarter ended June 2020, with revenue falling by 29% to $2.24 billion. Total ride bookings for the period fell 75%, while income from Uber Eats grew to $1.2 billion.
