Chinese banks tumbled after Goldman Sachs downgraded them citing concerns about the slowing economy and lenders' exposures to debt
BANGKOK — Shares slipped in Asia on Thursday after Wall Street drifted downward following a rally that sent it roaring 16% higher for the year so far.
Reuters reported that Goldman Sachs cut China’s Agbank 601288 to sell from neutral and Industrial and Commercial Bank of China 601398 to sell from buy in a note to clients on Wednesday. The bank cited worries over those institutions’ exposure to local debt and related earnings risk. The Hang Seng HSI shed 558 points to 18,551 while the Shanghai Composite index SHCOMP lost 0.5% to 3,205.97. Tokyo’s Nikkei 225 index NIK gave up nearly 600 points to 32,773.
On Wall Street, shares of UPS UPS fell 2.1% as the company tries to reach a deal with the Teamsters union representing about 340,000 of its workers. Their current contract expires at the end of the month, and Teamsters members last month voted in favor of a strike authorization.
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