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Asia stocks decline again, with Hong Kong under pressure, though China losses only slight

Asia stocks decline again, as pressure stays on tech shares in China and Hong Kong

7/28/2021 8:21:00 AM

Asia stocks decline again, as pressure stays on tech shares in China and Hong Kong

Investors were uncertain how much farther China will go with a regulatory crackdown that set off a slide in its internet share prices.

Investors also were uncertain how much farther China will go with a regulatory crackdown that set off a slide in its internet share prices.Shanghai, Tokyo and Sydney retreated while Hong Kong advanced.Investors were digesting U.S. earnings reports while worries increased after the Centers for Disease Control and Prevention recommended even vaccinated people return to wearing masks indoors in areas where the coronavirus’s more contagious delta variant is spreading.

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“Investors turned cautious,” said Edward Moya of Oanda in a report.A meeting of the Federal Reserve board that began Tuesday is expected to bring an update on when the U.S. central bank might start to reduce bond purchases that inject money into financial markets and keep interest rates low.

The Shanghai Composite Index SHCOMP, -0.96% lost 0.6% to 3,363.00, declining for a third day, while the Nikkei 225 NIK, -1.70% in Tokyo fell 1.7% to 27494. The Hang Seng HSI, -0.38% in Hong Kong shed 0.2% to 25,027.The Kospi 180721, -0.49% in Seoul lost 0.6% to 3,211, while Sydney’s S&P-ASX 200 XJO, -0.77% gave up 0.7% to 7,378. New Zealand and Southeast Asian markets declined.

On Wall Street, the benchmark S&P 500 SPX, -0.47% fell 0.5% to 4,401.46, snapping a five-day streak of gains. The Dow Jones Industrial Average DJIA, -0.24% dropped 0.2% to 35,058.52. The Nasdaq COMP, -1.21% lost 1.2% to 14,660.58.Selling was most pronounced in technology and communication stocks, and in companies that rely on consumer spending. Traders shifted money into sectors seen as less risky, including utilities, health care and in companies that make household and personal goods.

Shares in Chinese internet giants slid for a third day as investors waited for possible new action after Beijing stepped up anti-monopoly and data security enforcement against the industry. They were reported to be considering restrictions on for-profit education ventures.

Games and social media giant Tencent Holding Ltd. 700, -4.17% fell 3.5% in Hong Kong. E-commerce giant Alibaba Group shares BABA, -2.97% 9988, -0.89% in Hong Kong were down 0.3% after Wall Street-traded shares lost 3%.On Wall Street, UP S UPS, -6.99% slumped 7% after its quarterly revenue fell short of forecasts. Tesla TSLA, -1.95% fell 2% and industrial conglomerate 3M MMM, -0.60% fell 0.6%, despite reporting solid financial results.

In energy markets, benchmark U.S. crude CL.1, +0.67% rose 48 cents to $72.13 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil BRN00, +0.54%, the basis for international oil prices, advanced 41 cents to $73.93. Read more: MarketWatch »

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Asia equities tick up, as investors look to the U.S.Asian equity markets rose cautiously Tuesday, after touching year to date lows the day before, with traders keeping at least half an eye on the United States where major companies report earnings and the Federal Reservemeets on policy this week.

IMF cuts emerging Asia growth forecast on COVID-19 resurgenceThe International Monetary Fund on Tuesday cut this year's economic growth forecast for emerging Asia, as a spike in coronavirus cases from new variants and slow vaccinations cloud the region's recovery prospects.

U.S. stock futures slip ahead of tech results as China crackdown casts shadowU.S. stock futures slipped Tuesday ahead of a barrage of tech-sector earnings, with a Chinese regulatory crackdown casting an overhang over the market. wow Je

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Nationalist sentiment rises as China off to strong start at Tokyo OlympicsThe Olympics has long been an occasion for celebrating national pride. And for an increasingly confident China, the Tokyo Games is seen as the latest opportunity to showcase its national strength, as it looks to challenge the United States for top spot on the medal table. Nectar_Gan steve0george Nectar Gan based in Hong Kong... Steve George based in Hong Kong... CNN publishes two captive or wumao journalists. Wonder what they would say if they were not compelled to write this way. Nectar_Gan steve0george US still winning the key is in their diversity. Nectar_Gan steve0george It's just a Game. Who care too much which country wins more gold medals than the other? Maybe nationalists. Actually, if not news, I cannot even feel the happening of this Olympic Game.