Chinese stocks plunge as Shenzhen enters lockdown – live updates Business

gHello. Chinese stocks fell sharply overnight after Beijing placed the 17.5 million residents of the Shenzhen tech hub on lockdown.

Hong Kong’s Hang Seng Tech Index fell more than 9%, while the city’s broader gauge fell 4.7%.

The lockdown comes after China’s virus cases doubled to 3,400, and shows the long tail of the country’s strict zero-Covid policy.

Elsewhere, the German subsidiary of Russian energy company Rosneft reported a hacker attack, according to Die Welt newspaper, which said there was no impact on Rosneft’s business. Businesses around the world have been on high alert for cyberattacks since Russia invaded Ukraine.

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What happened overnight

Asian stocks fell on a rout in Chinese tech stocks on Monday, while Treasuries slid as high commodity prices fueled fears the United States needs aggressive monetary policy tightening. to control inflation.

The 8% drop in a gauge of Chinese tech companies reverberated across the region, leaving an Asia-Pacific stock index in the red for a second session. A Covid lockdown in Shenzhen, a tech hub, has added to the geopolitical and regulatory risks facing the sector, in part due to strained US-China ties.

A rise in Japanese stocks amid a weaker yen and gains for the S&P 500, Nasdaq 100 and European futures eased some of the gloom. Investors analyzed diplomacy efforts as Russia continues its war in Ukraine, as well as comments from a US official that Moscow has requested military assistance from China.

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• Business : Bodycote, Phoenix Group (annual results)
• Economy: foreign direct investment (China)