Stock markets worldwide declined for the third straight day on Thursday after the arrest of Huawei Technologies Co. Ltd. Chief Financial Officer (CFO) Meng Wanzhou stirred up fresh concerns over tensions between the US and China.

Europe’s tech sector registered a 3 percent slump in early trading, before recuperating to trade down 2.3 percent to €398.80, The mining and automotive sector pulled the UK, Germany, and France to two-year lows.

In the US, S&P 500 e-mini futures dropped nearly 2 percent in Asian morning trade and were last down 1.3 percent to $2,664.88.

Chief strategist Linus Yip stated that the impact in the market is quite big because the Trump-Xi meeting just took place, and people were expecting a 90-day honeymoon.