The red color covered Asian stocks in the morning session of September 13 as investors worried that Chinese technology stocks listed in Hong Kong would suffer legal “turbulence”.
|Hong Kong’s Hang Seng Index fell 1.5% in morning trading on September 13. Photo: AFP|
Shares of Alibaba listed in Hong Kong fell more than 3% in trading this morning after the Financial Times reported that Beijing wanted to “force” the payment super app Alipay, run by billionaire Jack’s Ant Group. Ma developed, and forced it to transfer Alipay user data to a new credit joint venture, including state-owned capital.
Shares of Alibaba’s “compatriot” companies in Hong Kong also plummeted at the beginning of the week, of which Tencent shares fell 2.33%, while shares of delivery “empire” Meituan slid deeper with 3.3%. 39%.
All in all, Hong Kong’s Hang Seng Tech index fell 1.74% this morning, while the Hang Seng – the main Hong Kong stock index lost 1.5%.
Mainland China’s stock market was also “red” this morning when the Shanghai Composite Index dropped slightly by 0.15% and the Shenzhen Component also fell 0.156%, respectively.
In Japan, the Nikkei 225 index fell 0.25% while the Topix index slid 0.16%. Shares of two Japanese automakers Toyota and Honda fell by 2.37% and 1.84%, respectively. According to Reuters, these two automakers have criticized the plan to tax electric vehicles of the US House of Representatives because they think this plan will benefit the three “big” US auto industry, including: GM, Fiat Chrysler, and Ford.
South Korean stocks also fell into the red this morning as the Kospi index fell 0.22%. In contrast, the S&P/ASX 200 index in Australia was still slightly up 0.14%. However, the MSCI Asia-Pacific index (excluding Japan) still fell 0.74%.
The economic information investors are waiting for this week is the August consumer price index America It is expected to be released tomorrow, September 14, along with retail sales figures for the states to be released a day later. A series of Chinese economic data, including retail sales and industrial production in August, are also expected to be released on September 15.
Currency markets this morning recorded the US dollar index against other major currencies, sliding towards 92.665 after a recent drop to 92.7. The Japanese yen appreciated and traded 109.95 JPY “eating” 1 USD, compared with 110.4 JPY/USD last week. In contrast, the Australian dollar continued to fall to 1 AUD to 0.7358 USD, from 1 AUD/0.744 USD in the previous week.
Oil prices traded by Asian hours this morning went up. Brent crude oil futures futures rose 0.7 percent to $73.43 per barrel, while US crude oil futures also rose at the same pace to $70.25 per barrel.