Australia Australia’s S&P / ASX 200 is down more than 3%. Of Hong Kong Hang Seng Index (HSI) The morning trade was down 2.1% and down 1.5%. South Korean Cospy (COSPI) Lost 1.3%. Of Japan Nikkei 225 (N 225) And China Shanghai Composite (SHCOMP) Each fell 1.1%.
In the United States, where tech-heavy Nasdaq Composite (COMP) Tech stocks fell the most in Asia, falling nearly 5%.
The Hang Seng Tech Index – a new index tracking the 30 largest tech companies listed in Hong Kong – plunged 5.3% in the morning. It then saved losses and was down 1.8% in the afternoon. Alibaba, JD.com and Semiconductor giant S.I.M.C. Have lost at least 4%. (Tech stocks will soon become more important for Hong Kong’s benchmark Hang Seng Index, which joins Alibaba and Xiaomi next week – a reflection of the growing number of Chinese tech companies trading in the city.)
Asian markets are “feeling the cold” after last night’s “US market sneeze”, IG’s market strategist Jingi Pan wrote in a research note on Friday.
US stocks reported Thursday is their worst day since June as investors prepare to exit following a series of record-setting days over the past few weeks. With the loss of the Nasdaq, This Dow Jones Industrial Average (INDU) It will come down more than 800 points and end up below 2.8%. This S&P 500 (SPX) Fell 3.5%.
All three U.S. The futures for the index had a lower trend in after-hours trading.
“Market recovery is expected,” Kerry Craig, global market strategist at JPMorgan Asset Management, said in a research note on Friday. “The market, driven by the huge, financial surprises and record earnings of the central bank in the last few months, will never be able to sustain its headwinds.”
Hong Kong prepares for more public offerings
Despite Friday’s market turmoil, Asia has some good news to prepare for: Hong Kong is also ready to accept more Chinese companies on its stock exchange.
Yama! China (YUMC) – Which operates KFC, Taco Bell and Pizza Hut fast food Chains in China – The city is set to start trading next week and has said it plans to raise 2.5 2.5 billion. The company already trades in New York. (Reuters quoted unnamed sources as saying on Friday that Yum! China has set its share price and is expected to reach 2.2 billion.)
This could be another attempt by a Chinese company to prevent US-China relations from deteriorating. Other Chinese companies doing business in New York, including Alibaba (Baba), Has also recently listed shares in Hong Kong.
These works are not just public representations. Nongfu Spring, China’s largest water and beverage company, is expected to start trading in Hong Kong next week. And Alibaba’s financially affiliated Ant Ant Group is preparing an IPO that could raise ly 30 billion in raise money – the amount that would make it the largest in history.
.
Related
