Synopsis
Alibaba fell more than 5 per cent and Tencent dropped as much as 4.4 per cent in Hong Kong trading on Thursday, tracking losses in their New York-listed securities.
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At $1.3 trillion, the combined market value of their primary listings is nearly twice the size of Spain’s stock market, while the firms together account for about 11 per cent of the weighting for MSCI Inc.’s emerging markets benchmark.
Alibaba Group Holding Ltd. and Tencent Holdings Ltd. led a technology stocks selloff as the Trump administration considers barring investments in China’s two most valuable companies.
Alibaba fell more than 5 per cent and Tencent dropped as much as 4.4 per cent in Hong Kong trading on Thursday, tracking losses in their New York-listed securities. The State Department, Department of Defense and Treasury Department are among authorities involved in the deliberations, according to people with knowledge of the talks. The discussions focus in part on how such a m
Updated Jan. 6, 2021 7:38 pm ET
U.S. officials are considering prohibiting Americans from investing in Alibaba Group Holding Ltd. and Tencent Holdings Ltd., a potential escalation of the outgoing Trump administration’s efforts to unwind U.S. investors’ holdings in major Chinese companies.
State and Defense Department officials in recent weeks have discussed expanding a blacklist of companies prohibited to U.S. investments over alleged ties to China’s military and security services, according to people familiar with the matter. The U.S. government announced its original blacklist in November with 31 companies.
Tencent and Alibaba are China’s two most valuable publicly listed companies, with a combined market capitalization of over $1.3 trillion and scores of American mutual funds and other investors holding their shares. Alibaba’s New York-listed American depositary receipts fell more than 5% on Wednesday, while Tencent ADRs tumbled by about 4% in the U.S. over-the-counte
Major indices worldwide are higher on Thursday, along with the U.S. futures as investors cheer Democrat control of the Senate, potentially seen as ending gridlock in Washington.
The Dow futures are up by 0.59%, and the S&P 500 futures are trading higher by 0.65% on the last check Thursday. WTI crude futures are up by 0.91% to $51.09, and gold futures are up 0.77% at $1,923.30. Ten-year Treasury yield is higher by 2.2 basis points at 1.063%.
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Bitcoin saw a sharp 8% gain to trade at $37,129, and Ethereum is up 8.5% at $1,194.46 on the last check. The cryptocurrency market valuation has crossed the $1 trillion mark. The VIX futures are down by 4.28% to 24.05.
South Africa Stocks Extend Record as Stimulus Hopes Boost Miners
John Viljoen, Bloomberg News The Johannesburg Stock Exchange. , Photographer: Waldo Swiegers/Bloomberg
(Bloomberg) The main South African stock index extended its advance to a fourth day, adding to Wednesdayâs record close and tracking moves in most Asian markets amid expectations that U.S. President-elect Joe Biden has a clearer path to boosting fiscal stimulus after key elections.
The FTSE/JSE Africa All Shares Index rose 0.4% as of 9:46 a.m. in Johannesburg. An index of mining stocks advanced for a fourth day to an all-time high, with diversified giants BHP Group Plc, which gained 1.5%, and Anglo American Plc, up 1.4%, contributing the most points to the broader benchmark. Platinum producers extended their rally, led by Anglo American Platinum Ltd.âs 4.2% surge.
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US Considering Adding Alibaba, Tencent To China Stock Ban - Sources
Shares in Alibaba Group Holding Ltd were down 5% in morning trade on the Hong Kong Stock Exchange. Tencent Holdings Ltd shares were down 3%. Alibaba s U.S.-listed shares closed down just over 5% on the news on Wednesday.
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The Trump administration is considering adding tech giants Alibaba and Tencent to a blacklist of firms allegedly owned or controlled by the Chinese military, two people familiar with the matter said - a move that could inflame tensions with Beijing days before U.S. President-elect Joe Biden takes office.