The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
Asian equities bounce back
On Tuesday, Asian equities managed to find their footing following some initial softness because Hong Kong’s benchmark is braced for setting a record closing maximum.
The Hang Seng HIS concluded morning trade 1.3% higher reaching 31751.60. The benchmark rebounded from a Monday afternoon selloff, which concluded the index’s record 14-day winning marathon.
Driving Monday’s pullback turned to be firm afternoon selling in China’s equities, in particular in Shenzhen 399106. Meanwhile, the ChiNext Price Index 399006, tracking new-economy equities there, went down 3% on Monday, demonstrating the worst performance since November. The index concluded Tuesday morning trade 0.1% higher. At the same time the Shanghai Composite that enjoyed 11 winning days, concluded Monday 0.2% higher.
The fast tempo of rule changes carried out by the China Securities Regulatory Commission to tame lending in China’s unruly shadow banking sector has affected investor confidence, as financial analysts told.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
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