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Washington's Huawei reprieve triggers relief rally in bruised EU chip stocks

Published 05/21/2019, 03:42 PM
Updated 05/21/2019, 03:50 PM
Washington's Huawei reprieve triggers relief rally in bruised EU chip stocks
STMPA
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IFXGn
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AMS
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SX8P
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SXAP
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LONDON, May 21 (Reuters) - Shares in European semiconductor
companies, one of the most sensitive sectors to the global trade
tensions, recovered from their worst day in 4-1/2 months on
Tuesday after the White House backtracked overnight on tough
limits on China's Huawei.
AMS AMS.S , STMicroelectronics STM.PA and Germany's
Infineon IFXGn.DE shot higher - between 2-5.6% - in early
deals after Washington temporarily eased trade limits on China's
Huawei Technologies HWT.UL , in a move aimed at minimising
disruption for its customers. The technology index .SX8P was up 1% at 0741 GMT,
recovering some of the 2.8% lost on Monday as investors shunned
the sector amid worries that Huawei suppliers would lose
business or have to sever ties with the world's No. 2 smartphone
company due to tough U.S. restrictions imposed last week.
The U.S. Commerce Department said it will allow the world's
No. 2 smartphone company to purchase American-made goods in
order to maintain existing networks and provide software updates
to existing Huawei handsets.
The easing trade tensions also brought some relief to car
makers and suppliers. The European index .SXAP rose as much as
1.1% in early deals and was up 0.3% at 0734 GMT.

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