GLOBAL-MARKETS/ (WRAPUP 3):GLOBAL MARKETS-Shares wobble as China crackdown, COVID-19 weigh
Chinese regulators issued draft rules on Tuesday for the internet sector, banning unfair competition and restricting the use of user dataThe bear and bull statues outside the Frankfurt Stock Exchange. Picture: BLOOMBERG/ALEX KRAUSGlobal shares stumbled on Tuesday, rattled by concerns over China’s regulations for its once-freewheeling internet sector and a worldwide spike in Covid-19 infections driven by the Delta variant.
The tech index in Hong Kong, where several of China's biggest internet giants are listed, fell 3.3%, while internet giants Tencent, Alibaba and Meituan dropped by 4.3%, 4.6%, and 3.4%, respectively. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.5% and China's blue-chip CSI300 index dipped 2.1%.
A raft of Chinese data on Monday showed a surprisingly sharp slowdown in the world's second-largest economy, while the New York Federal Reserve's Empire State barometer of manufacturing business activity fell more than expected. “Instead, the longer-term risk is that Afghanistan could become a haven for terrorist groups, and such attacks have historically had serious market ramifications of their own,” they noted.
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