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Chinese CHNComp is taking a hit today

It will takes about:

13/09/2021

Latest updates:

– Stocks in Asia are trading lower, being dragged down by the tech sector. Sentiment deteriorate after reports surfaced saying China may widen its crackdown on the sector
– Chinese authorities reportedly want big internet companies to stop blocking links to its competitors’ websites on their own websites. Apart from that, reports surfaced saying that China may attempt to hit Ant Group by forcing it to separate loan business from its payments business (Alipay)
– According to the Wall Street Journal, Democrats may decide to increase the corporate tax rate from 21 to 26.5% in order to finance their spending plans. In other news it was reported that cryptocurrency gains may become taxed in the same way as other gains from investments
– Fed Harker said that tapering should begin soon. He said he would support beginning of tapering this year
– Iran and United Nations nuclear agency reached a stopgap agreement to ensure that nuclear talks will continue
– Schools in Shanghai were shut, flights suspended and part of port operations halted as Chanthu typhoon approached the Mainland China
– North Korea carried out tests of long-range missiles over the weekend. Pentagon said it is monitoring situation closely
– South Korean exports increased 30.7% YoY during the first 10 days of September. Semiconductor exports were 2.1% YoY lower
– Precious metals trade slightly higher, industrial metals pull back and oil gains
– EUR and NZD are the worst performing major currencies while AUD and CAD gain the most

Chinese CHNComp is taking a hit today as Chinese authorities are reportedly readying more actions against domestic tech companies. Index trades around 1.5% lower today and continues a pullback following a failed attempt of breaking above 9,500 pts resistance.

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