Alibaba is about to be investigated for monopolistic behavior, shares slide more than 8%

Unexpectedly about to be investigated for monopolistic behavior, Alibaba shares slipped more than 8%

The surprise news about Alibaba about to be investigated for monopoly behavior caused the e-commerce giant’s shares to slide more than 8%.

Bloomberg News and Xinhua reported that the Chinese authorities will investigate this group for monopolistic microguides. Photo: Shutterstock

Shares of Alibaba listed in Hong Kong this morning lost 8.13% after Bloomberg and Xinhua news agency reported that the Chinese authorities will investigate this group for monopoly microbiology. Ant Group, an affiliate of Alibaba this morning 24/12 confirmed the business “has received a meeting invitation from the authorities”.

The information that Alibaba under investigation for monopoly behavior is a shock to the market but it shows that the Chinese authorities are increasing efforts to control the country’s top technology businesses through legal action. physical.

Many major stock indexes in the Asia-Pacific region still rallied on December 24 thanks to the expectation that the UK and EU would soon reach a trade agreement.

The Australian, Hong Kong and Singapore stock markets closed early today for the Christmas holiday. In the morning session of December 24, the green color covered these markets.

Japanese stocks also picked up the green with the Nikkei 225 up 0.42% and Topix up 0.49%. South Korean stocks this morning the strongest increase in the region with the Kospi index rose 1.24%.

Hong Kong’s Hang Seng Index edged up 0.16% to 26,386.56, while mainland Chinese stocks were lagging behind as the Shanghai Composite index slipped 0.21%.

Australia’s S & P / ASX 200 Index rose 0.33% to 6,664.80 points, while Singapore’s Straits Times index also increased by 0.3% to 2,842.04 points.

Investors expect a trade agreement between UK and EU to be reached soon. Bond yields and sterling rebounded after the news that the two sides ended the agreement. A trade deal is “imminent,” CNBC news agency quoted a senior EU official as saying.

British Pound today appreciated and converted 1 GBP “eat” 1.3541 USD, from the usual level of 1 GBP / 1.32 USD.

US stocks last night were mixed. The S&P 500 index cut its 3-day slump and turned up 0.1% to 3,690.01, while the Dow Jones industrial average closed up 114.32 points to 30,129.83 points. In contrast, the Nasdaq Composite fell 0.3 percent to 12,771.11 points.

US stocks were mixed after President Donald Trump criticized the economic stimulus package approved by the US Congress as unreasonable. This could delay the implementation of aid to the American people. Recently, Mr. Trump also vetoed a defense aid bill worth 740 billion USD to support spending and policy of the Pentagon.

On the money market, the US dollar index against other major currencies dropped to 90,232, from 90.8 set at the beginning of the week. Japanese Yen depreciated and converted 103.57 JPY / USD, compared to 103.2 JPY / USD of the previous week, while the Australian dollar inched and changed hands 1 AUD / 0.7585 USD, from 1 AUD / $ 0.75 typically seen during the week.

Oil prices on the Asian market went up this afternoon. Futures Brent oil price increased 0.88% to 51.65 USD / barrel, while crude oil delivered in the US futures rose 0.79% and traded 48.50 USD / barrel.

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