Yields on top-rated German government bonds held near six-month lows in risk off environment, while those on benchmark 10-year U.S. Treasuries were near a three-month low at 2.886 percent.
ANALYST'S TAKE: "We are closely watching the developments in Asia after reports that Canada has arrested the Huawei CFO facing USA extradition for allegedly violating Iran sanctions".
"Investors are fretting that the arrest of a Chinese executive in Canada threatens to undo what little good work came out of the G20 meeting at the weekend, and that Beijing will respond with an escalation of trade tensions", Beauchamp said. In April, China appealed to Washington to avoid damaging business confidence following the Wall Street Journal report that United States authorities were investigating whether Huawei violated sanctions on Iran amid spiraling technology tensions.
The arrest comes at a delicate time in US-China relations.
"The company believes the Canadian and US legal systems will ultimately reach a just conclusion".
In a statement, Huawei, the second largest smart-phone seller globally after Samsung, said Ms Meng's extradition was prompted by unspecified charges in the Eastern District of NY when she was transferring flights in Canada.
Meng is a prominent member of Chinese society as deputy chairman of the board and the daughter of company founder Ren Zhengfei.
Sharp losses in technology shares pulled down benchmark stock indexes in China and Hong Kong today, after the global chief financial officer of Chinese technology giant Huawei was arrested in relation to alleged violations of USA sanctions.
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According to a statement from the Department of Justice, Meng was arrested in Vancouver on Saturday and is being sought for extradition by the United States. Later, the foreign ministry said it was still waiting for details on why she was arrested, and said trade talks should continue.
The company also said it was "not aware of any wrongdoing" by Meng.
Huawei has said it complies with all applicable export control and sanctions laws and USA and other regulations.
ZTE is China's second-largest telecommunications equipment maker and relies on USA components for its smart phones and networking equipment.
A USA judge last month issued an order finding that China's ZTE Corp violated probation imposed in March 2017 when the company pleaded guilty for conspiring to evade US sanctions by illegally shipping US goods and technology to Iran.
U.S. stock futures took a sharp move downward, a sign that the global stock rout is set to continue amid heightened trade war fears after the US-led arrest of a Chinese executive. Huawei is one of the world's largest makers of handsets and telecommunications network equipment.
China's embassy in Canada protested at the arrest and demanded her release.
Lenovo has also come under attack in the USA for allegedly selling compromised computers that expose users to spying.
Smartphones have become another key business in recent years, pitting it against Apple Inc and Samsung Electronics in the highly competitive market.
U.S. Senator Ben Sasse praised the move and said that it was "for breaking U.S. sanctions against Iran". Huawei seems much stronger commercially than ZTE, with the biggest research and development budget of any Chinese company and a vast portfolio of patents, making it less dependent on American suppliers.
Huawei, along with many other Chinese phone manufacturers and telecom equipment makers, is viewed with significant suspicion by the "Five Eyes" intelligence alliance, comprised of Australia, Canada, New Zealand, the United Kingdom, and the United States.