Tech Tensions and Earnings Drag on Chinese Markets
Chinese and Hong Kong stock markets faced losses, driven by renewed U.S.-China tech tensions and disappointing earnings from Alibaba. The U.S. Commerce Department is considering placing restrictions on more Chinese tech firms. Despite a tariff truce, market sentiment remains cautious amid challenging U.S.-China relations.
Chinese and Hong Kong stock markets recorded additional losses on Friday as sentiment was dampened by escalating U.S.-China tech tensions and Alibaba's below-par earnings report.
By midday, the Shanghai Composite index fell by 0.52%, while China’s blue-chip CSI300 index experienced a 0.57% decline. Key sectors, including financials and consumer staples, reflected substantial drops.
In Hong Kong, the Hang Seng Index decreased by 0.81%, significantly influenced by Alibaba Group's 5.3% slump following disappointing quarterly revenue figures. Meanwhile, the U.S. plans to expand its tech export restrictions on Chinese companies, adding to geopolitical concerns.
(With inputs from agencies.)
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