Chinese tech stocks fell after reaching multi-year highs as AI-driven gains slowed. Traders locked in profits amid economic concerns, with Alibaba and Baidu retreating from their intraday peaks.
Chinese tech stocks reversed their gains on Thursday after hitting multi-year highs, as the momentum from AI-driven investments slowed. Traders capitalized on profits, while renewed concerns about China’s economic challenges weighed on sentiment.
Shares of major internet firms gave up some of their early gains. Alibaba ended the day 2.6% higher after briefly reaching a three-year high. This followed an announcement from Chairman Joe Tsai that the e-commerce giant would collaborate with Apple to integrate AI into iPhones sold in China.
Baidu finished 5.7% higher but had surged as much as 12% earlier in the session. The boost came after the company revealed plans to make its AI chatbot, Ernie Bot, freely available starting April 1.
Mainland Chinese markets also weakened, with the CSI300 Index and the Shanghai Composite Index both slipping by approximately 0.4%, pulling back from their highest levels of the year.
According to analysts at Morgan Stanley, technological advancements alone cannot address China's structural economic imbalances or cyclical deflationary pressures. They noted that during the current policy lull leading up to the National People’s Congress in March, concerns about economic slowdown could limit broad market gains.
Despite the day's losses, Hong Kong’s stock market remains the best performer among major regional markets this year, gaining 8.8%. This growth has been largely driven by a rally in the tech sector, sparked by DeepSeek's advancements and China’s market stabilization efforts last month.
Storm Kristin has killed at least five people and left more than 850,000 residents of central and northern Portugal without electricity on Wednesday (...
Prime Minister Sanae Takaichi's Liberal Democratic Party is likely to increase its number of parliamentary seats and gain a majority in the lower hous...
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 29th of January, covering the latest developments you need to ...
UK Prime Minister Keir Starmer met Chinese President Xi Jinping in Beijing on Thursday (29 January) for talks he hopes will deepen economic ties, sign...
U.S. President Donald Trump urged Iran on Wednesday (28 January) to come to the table and make a deal on nuclear weapons or the next U.S. attack would...
France’s National Assembly has approved a bill banning access to social media for children under 15, a move backed by President Emmanuel Macron and the government as part of efforts to protect teenagers’ mental and physical health.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Sanctions are a long-used tool designed as an alternative to military force and with the objective of changing governments’ behaviour, but they also end up hurting civilian citizens.
Residents in Syria’s Kurdish-majority city of Qamishli have stepped up volunteer patrols amid growing pressure from the country’s Islamist-led government, expressing deep mistrust of Damascus despite a fragile U.S.-backed ceasefire.
High-level diplomatic consultations were held in Istanbul, Türkiye, on Monday as Ankara seeks to solidify the fragile progress of the Gaza ceasefire and accelerate the delivery of life-saving assistance to the strip.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Chevron is in talks with Iraq’s oil ministry over potential changes to the commercial framework governing the West Qurna 2 oilfield, one of the world’s largest producing assets, after Baghdad nationalised the field earlier this month following U.S. sanctions imposed on Russia’s Lukoil.
Argentina's economic activity shrunk 0.3% in November compared with the same month last year, marking the first monthly contraction of 2025, data from Argentina's national statistics agency showed on Wednesday.
Wall Street closed sharply lower on Tuesday as global markets fell after U.S. President Donald Trump’s new tariff threats against Europe unsettled investors and revived fears of renewed volatility.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment