Why Alibaba, JD and Tencent are slipping in Hong Kong today

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Shares of Chinese technology companies listed in the United States Alibaba Group Holdings Ltd. BABA, JD.Com Inc. J.D., Tencent Holdings TCEHYand Baidu inc. BIDU continued its losing streak in early trading in Hong Kong on Monday.








How big tech stocks are doing in Hong Kong today
Shares Movement (+/-)
Ali Baba -3%
JD.Com -1%
Tencent -2.71%
Baidu -4.36%

Macro-factors: All Hang Seng Index was trading down almost 3% amid negative signals from its global peers.

Concerns about a looming recession intensified after the 10-year US Treasury yield climbed to 2.72%, the highest since 2019. It was the first negative gap since 2019.

The Australian 10-year bond yield hit its highest level of 3% for the first time since 2015 as investors feared the Fed’s more aggressive tightening approach to tackling rising inflation.

Meanwhile, Shanghai residents howl in frustration from their balconies as the draconian COVID-19 lockdown enters its third week in the financial hub. Economists around the world have said the lockdown is likely to deal a heavy blow to businesses that rely on consumer spending and further restrict the global supply chain.

Company in the news: the China Cyberspace Administration interviewed representatives from companies including Tencent, Alibaba Group and JD.com to address job cuts totaling 216,800 from July to mid-March.

Additionally, after Tencent decided to shut down its game streaming service, Chinese tech stocks got jittery.

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