- July 27, 2021
- Posted by: Stratford Team
- Category: Economy
Beijing’s intensifying crackdown on technology, education and other companies has sent shivers through the global economy and world stock markets lower.
Asian technology stocks slumped, leading to a further 4.2% decline in Hong Hong’s Hang Seng after Monday’s 4.1% fall – the steepest drop since the Covid-19 pandemic hit global markets in March 2020. Chinese tech giants Tencent lost 9% and Alibaba dropped 6.4%.
On Wall Street, the tech-heavy Nadaq fell 1.2% ahead of quarterly results from Google, Microsoft and Apple, while the Dow Jones and S&P 500 both lost about 0.6%. A weaker-than-expected US durable goods report added to pessimistic mood, while US consumer confidence improved slightly in July.
The UK’s FTSE 100 index is down 0.45%, while indices in mainland Europe have declined by 0.5%% to 1%.
The CBI’s latest monthly survey points to continued UK retail sales growth in July, despite worker shortages and flat online sales….
