Monday, September 6, 2021
HomeWorld NewsHong Kong's Hang Seng index drops 3%; China tech shares plunge

Hong Kong’s Hang Seng index drops 3%; China tech shares plunge

Chinese shares fall as tensions with U.S. rise

Mainland Chinese shares declined, with the Shanghai composite down 2.42% whereas the Shenzhen component fell 2.963%.

Geopolitical tensions between Washington and Beijing could have weighed on investor sentiment, as a high-level meeting between the two economic powerhouses got off to an acrimonious begin.

China’s vice overseas minister stated throughout Monday talks with the U.S. deputy secretary of state that the 2 nations’ relationship is “now in a stalemate and faces serious difficulties,” in keeping with an English-language press launch from China’s Ministry of Foreign Affairs.

In different markets, South Korea’s Kospi edged 0.61% decrease. In Australia, the S&P/ASX 200 was little modified.

Returning to commerce following holidays on Thursday and Friday, Japanese shares bucked the general pattern regionally. The Nikkei 225 jumped 1.05% whereas the Topix index superior 1.1%.

MSCI’s broadest index of Asia-Pacific shares outdoors Japan traded 1.75% decrease.

Singapore’s manufacturing output declined 3% in June on a seasonally adjusted, month-on-month foundation, in keeping with official information launched Monday.

Covid restrictions in Asia

Investors doubtless continued to watch the Covid scenario in Asia because it weighs on sentiment.

In South Korea, the second highest degree of virus restrictions will likely be utilized to non-capital areas beginning Tuesday, local agency Yonhap reported. Elsewhere, Tokyo’s every day coronavirus tally has exceeded 1,000 for six days in a row, according to Kyodo News.

Indonesia on Sunday additionally prolonged its Covid restrictions by every week, according to Reuters. The nation has been amongst a number of Southeast Asian nations which have been grappling with a resurgence in infections.

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On Friday, the Dow Jones Industrial Averaged closed above 35,000 for the primary time ever whereas the S&P 500 jumped 1.01% to 4,411.79 and the Nasdaq Composite gained 1.04% to 14,836.99. Friday’s strikes upward noticed all three main indexes stateside at new closing highs.

Currencies and oil

The U.S. dollar index, which tracks the dollar towards a basket of its friends, was at 92.845 following a latest bounce from under 92.8.

The Japanese yen traded at 110.31 per greenback, weaker than ranges under 110 seen towards the dollar final week. The Australian dollar modified palms at $0.7349, above ranges under $0.732 seen final week.

Oil costs have been decrease within the afternoon of Asia buying and selling hours, with worldwide benchmark Brent crude futures down 0.65% to $73.62 per barrel. U.S. crude futures slipped 0.72% to $71.55 per barrel.

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