![]() The decline reflects slowing growth in China in 2021, analysts said, while a broad, months-long regulatory crackdown by Beijing across many sectors including property and technology have weighed on investor sentiment more generally.Ĭhinese economic data over recent months has also underlined a loss of growth momentum, with the outlook over the next 12 months more subdued than at the start of the year. ![]() The Chinese e-commerce firm's shares tumbled over 10% after its second-quarter results missed expectations due to slowing consumption, increasing competition and a regulatory crackdown. ![]() Overnight, the S&P 500 and Nasdaq notched record closing highs, boosted by upbeat corporate earnings news from companies including Nvidia.īut the tone was more subdued in Asia, with the Hong Kong benchmark down sharply 1.5%, dragged down by index heavyweight Alibaba. Tokyo’s Nikkei outperformed, however, rising 0.40% after Japanese Prime Minister Fumio Kishida announced a fresh stimulus package with spending worth about ¥56-trillion ($490bn). That saw the region lag a solid Wall Street performance overnight, with MSCI's broadest index of Asia-Pacific shares outside Japan off 0.44% and set for a weekly decline of 1.2%. ![]() Hong Kong - Asian shares fell on Friday as disappointing earnings from Chinese e-commerce giant Alibaba heightened worries about Beijing’s broad regulatory crackdown and slowing growth in the world’s second-biggest economy. ![]()
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