For the now, investors remain wary of a market overshadowed by simmering Sino-U.S. tensions
This coolness toward the sector was displayed last week when search engine giant Baidu and e-commerce titan Alibaba Group Holdings delivered the first earnings briefings since China reopened its economy following the removal of zero-COVID curbs.
China’s reopening in December after three years of COVID-19 lockdowns spurred a surge in the stock market, and analysts say hedge funds were the biggest drivers of that rally, which began at the end of October. The internet sector index nearly doubled between late-October and January but has since fallen 20%. The Hang Seng Tech Index has also erased a third of its October-January gains.
Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Freed: Quebec's language cops stripped character from my favourite Chinese eateryWhat next? Requiring translations of Chinese\u002Dnamed dishes, so \u0027chow mein\u0027 becomes \u0027Chow Blvd. Saint\u002DLaurent\u0027?
Read more »
CSIS documents reveal a web of Chinese influence in CanadaThe secret and top secret documents, viewed by The Globe and Mail, discuss election interference and targeting Canadians
Read more »
Company says missing Chinese banker Bao Fan aiding probeMissing Chinese investment banker Bao Fan is co-operating with an investigation in China, his company China Renaissance said in a stock market filing Sunday.
Read more »
Trudeau defends Toronto Liberal MP accused of benefitting from Chinese interferenceHe said Canada should welcome members of the 1.7 million Chinese diaspora who want to run for public office.
Read more »
Trudeau defends MP's loyalty to Canada after reports of alleged Chinese interferenceA Liberal member of Parliament is denying a report that alleges China helped him win his seat in the 2019 federal election.
Read more »
Evening Update: Ottawa bans Chinese-owned TikTok app on government-issued devicesAlso in the news today, British Prime Minister Rishi Sunak reaches deal with the EU to resolve trade dispute over Northern Ireland
Read more »