Qualcomm China deal pulls Asia stocks back; $ slides

Nov 09, 2017, 6:29 AM EST
(Source: Ken Teegardin/flickr)
(Source: Ken Teegardin/flickr)

Tech-heavy Asian stocks that have been hovering near decades-high slipped marginally during Thursday afternoon trading session after U.S. chipmaker Qualcomm announced that it has struck a $12 billion deal with three Chinese handset manufacturers.

Japan’s Nikkei Stock Average led the sudden reversal by losing 2% gain to end the session 0.2% lower, notes The Wall Street Journal.

The uncertainty surrounding the U.S. tax reform plans prompted a slide in the dollar, writes The Economic Times. Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management, attributed the downturn to profit-booking after the markets hit record high in the morning.