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- FzptFzpt
  ·2021-05-11
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- FzptFzpt
  ·2021-05-11
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  Global Tech Selloff Deepens as Chinese Index Sinks 30% From High
  (Bloomberg) -- The worldwide slump in technology stocks deepened on Tuesday, with fresh signs of reg
  Global Tech Selloff Deepens as Chinese Index Sinks 30% From High
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Meituan paced declines after the Chinese e-commerce giant’s business practices were criticized by an influential consumer advocacy group, just days after the company’s CEO shared and then deleted a poem on social media that some interpreted as a veiled criticism of Beijing.</p><p>Losses in Taiwan Semiconductor Manufacturing Co. helped send <a href=\"https://laohu8.com/S/MSCI\">MSCI Inc</a>.’s gauge of Asian tech stocks to its biggest drop since Feb. 26, while futures on the Nasdaq 100 extended declines after a 2.6% drop on Monday.</p><p>Chinese tech giants have borne the brunt of the sector’s retreat this month, after regulators expanded an antitrust crackdown and announced steps to rein in the companies’ fast-growing finance units.</p><p>The stocks had benefited from a flood of money into the global tech sector last year, when the pandemic stoked demand for online services and low interest rates encouraged investors to overlook frothy equity prices. 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Meituan paced declines after the Chinese e-commerce giant’s business practices were criticized by an influential consumer advocacy group, just days after the company’s CEO shared and then deleted a poem on social media that some interpreted as a veiled criticism of Beijing.Losses in Taiwan Semiconductor Manufacturing Co. helped send MSCI Inc.’s gauge of Asian tech stocks to its biggest drop since Feb. 26, while futures on the Nasdaq 100 extended declines after a 2.6% drop on Monday.Chinese tech giants have borne the brunt of the sector’s retreat this month, after regulators expanded an antitrust crackdown and announced steps to rein in the companies’ fast-growing finance units.The stocks had benefited from a flood of money into the global tech sector last year, when the pandemic stoked demand for online services and low interest rates encouraged investors to overlook frothy equity prices. 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