Stock Track | Illumina Plunges 5% Pre-Market Amid U.S.-China Trade Tensions and Addition to China's "Unreliable Entity List"

Stock Track
04 Feb

Shares of biotechnology company Illumina (ILMN) experienced a significant 5.11% drop in pre-market trading on Tuesday, February 4th. This sharp decline appears to be driven by escalating trade tensions between the United States and China.

In retaliation against the U.S. government's imposition of a 10% tariff on Chinese goods, China swiftly announced its own tariffs targeting various American exports. These include a 15% levy on U.S. coal and liquefied natural gas (LNG) exports, as well as a 10% tariff on crude oil and agricultural machinery.

More significantly for Illumina, China's Commerce Ministry announced that it had added the biotechnology company, along with apparel firm PVH Corp., to its "unreliable entity list". This decision was based on allegations that these companies had taken "discriminatory measures against Chinese enterprises" and "damaged" the legitimate rights and interests of Chinese companies.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10