US China Telecom Ban Batters Hong Kong Tech Stocks


Source: asiafinancial.com asiafinancial.com

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The Hang Seng Tech Index lost more than 3% on Wednesday with Tencent, Alibaba, JD.com and XD Inc among those taking a hit Hong Kong dragged most of Asia’s markets down with it on Wednesday with tech firms suffering after China Telecom was banned from operating in the United States. The move was not unexpected but worsened already fraught tensions between the superpowers and with lingering concerns about inflation, the mood on trading floors was downbeat. A strong corporate earnings season has, though, provided some much-needed support to investors in recent weeks as companies proved resilient in the face of...