Categories: Markets

Asia falls, weighed down by technological -2% in Hong Kong

Asia falls, weighed down by technological -2% in Hong Kong

Stock markets in the Asia-Pacific region are moving lower at the beginning of the week with technology dragging the markets into negative territory.

At the center of the interest was a Financial Times report over the weekend that said China plans to classify US-listed Chinese companies into three categories based on the sensitivity of the data they hold.

The new system aims to prevent US regulators from delisting Chinese companies that do not comply with US market regulations, the FT said, citing people with knowledge of the matter. Chinese companies with “secret” data should be delisted, the report said.

In addition, all eyes are on the Federal Reserve meeting this week, where the central bank will decide on further interest rate hikes. According to the CME Group’s FedWatch Tool, the odds of a 75-basis-point hike are 78.7%. “Awaiting the Fed, Asian assets are likely to trade mixed early in the week as investors keep the risk of stagnant inflation in mind,” Venkateswaran Lavanya, an economist at Mizuho Bank, said in a note on Monday.

At the same time, the announcement of the data for the GDP of the second quarter in the USA is expected.

In this climate, at Hong Kong the Hang Seng falls by 0.75% while the Hang Seng Tech moves at -2%.

Chinese companies listed in the US are experiencing significant losses on its stock market. Nio dives 6.8%, XPeng loses 7.22% and Alibaba falls 2.11%.

Fall on the mainland as well Chinawith the Shanghai Composite slipping 0.71% and Shenzhen losing 0.94%.

In Japanthe Nikkei 225 is down 0.69% and the Topix is ​​at -0.61%.

At South Koreathe Kospi is resisting the downtrend with a 0.65% gain, while the Kosdaq remains almost unchanged.

The S&P/ASX 200 at Australia records marginal losses.

The broadest index MSCI for Asia-Pacific shares outside Japan is down 0.39%.

Sta macro of the day, the Inflation in Singapore registered the biggest increase in the last 13 years in Juneas transport and accommodation costs soared and structural inflation accelerated.

The consumer price index stood at 6.7% in June from a year earlier, according to the statistics office.

Source: Capital