China Stocks Sag |

China Stocks Sag |

Tech crackdown sours China markets

Bloomberg reports that China regulators are considering severe sanctions on Didi Global (NYSE:) over its US IPO. The news sent its US-listed stock sharply lower overnight in New York, and that news, part of a relentless domestic big-tech crackdown by China, appears to be weighing on early sentiment in China markets. The has opened 0.45% lower, with the down 0.15%, and Hong Kong, home to many China tech-heavyweight listings, falling 0.85%.

That contrasted with a positive session in the US yesterday, where a continuous stream of positive earnings results and fading Delta fears saw Wall Street rise once again overnight. The gained 0.20%, with the climbing 0.36% and the adding just 0.07%. Beneath the bonnet, though, the quiet rotation back into more defensive 2020 darlings at the expense of growth appears to be continuing.

Impressive results from (NYSE:) and (NYSE:) after the market close sent the and futures 0.35% higher, and that appears to be offsetting the China tech-scare in markets ex-China. Japan is closed, but the has risen by 0.15%, with Taipei 0.35% higher and Singapore and Kuala Lumpur edging 0.15% to the green.

Australian markets are also modestly higher despite an extension to the Sydney lockdown and New Zealand just announcing a suspension to the Australia New Zealand travel bubble. It seems that news was expected, and both the and remain 0.15% higher for the session.

Asian markets look content to ride out Friday with a no-further-bad-news-is-good news rally. For now, the markets appear unconcerned about either Covid or inflation and the same theme should ensure Europe and US markets finish in much the same manner. , , and US Markit ’s today will be of passing interest to financial markets in a thin data calendar week unless there are some serious downside surprises.

Original Post

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a comment

Send a Comment

Your email address will not be published.

Enter text shown below: