US STOCKS-Wall St set to dip as U.S.-China tensions heat up over TikTok [Reuters]
Microsoft Corporation (MSFT)
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Source: Reuters
Wall St. set to dip as U.S.-China tensions heat up over TikTok (Reuters) - Wall Street was set to pull back on Tuesday as President Donald Trump’s moves to force China-owned TikTok into a sale of its U.S. operations drew a sharp rebuke from Beijing, ratcheting up tensions as the world slides into a pandemic-fuelled recession. Friction between the world’s top two economies took a back seat in the first half of 2020 as the COVID-19 pandemic crushed global growth, and an escalation now would hamper the recovery of some exporters and importers and fan fears of a deeper economic slump. With Microsoft Corp ( MSFT.O ) looking to buy short-video app TikTok’s U.S. operations, Trump said on Monday the U.S. government should get a “substantial portion” of any deal price. On Tuesday, state-backed newspaper China Daily said the country will not accept the “theft” of the technology company. Microsoft’s shares were down 1.6% in premarket trading after surging more than 5% on Monday as the company
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