Reuters
3 minute read
NEW YORK, July 27 (Reuters) - A sell-off in Chinese shares overnight in Asia extended the rout in U.S. markets on Tuesday, with a gap in volatility indexes signaling further weakness ahead, as tighter government regulations in China led investors to dump holdings.
The iShares China Large-Cap ETF (FXI.P), which tracks an index of large Chinese companies that trade on the Hong Kong Stock Exchange, slid 3.3% and the Invesco Golden Dragon China ETF(PGJ.O), which mimics a Nasdaq index of the same name, fell 5.4%. The two ETFs closed at lows last seen in June 2020.
Among well-known Chinese multinationals, e-commerce oriented Alibaba Group Holdings Ltd fell 3.0% and internet services company Baidu Inc lost 2.8%.
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