(Adds China regulations and comments, European markets)

By Julie Zhu

HONG KONG, Aug 17 (Reuters) – Asian shares stumbled on Tuesday, rattled by concerns over China’s regulations for its once-freewheeling internet sector and the worldwide spike in COVID-19 infections driven by the Delta variant.

Markets were also tracking developments in Afghanistan, with the deteriorating situation in the capital Kabul having eclipsed overnight strength on Wall Street.

Chinese regulators issued draft rules on Tuesday for the internet sector, banning unfair competition and restricting the use of user data, the latest move in a crackdown on the country’s powerful tech companies.

“The news has sent shock waves through the sector and significantly dragged down the stock prices of several internet majors,” said Zhang Zihua, chief investment officer at Beijing Yunyi Asset Management. “As the new rules have several tailored measures to weaken the leading…

Read more…

Share.

Comments are closed.