Beijing’s crackdowns send shockwaves across global markets. China hands the U.S. two lists of demands. Singapore wants to start quarantine-free travel in September. Here’s what you need to know.
Beijing’s sweeping crackdowns of its technology and education sectors has unleashed shockwaves across global markets, erasing $769 billion in value from U.S.-listed Chinese stocks over the course of just five months. The Nasdaq Golden Dragon China Index — which tracks 98 of China’s biggest firms listed in the U.S. — plunged 7% Monday, following Friday’s 8.5% drop. It’s the biggest two-day wipeout since 2008. China’s clampdown on the private education industry has shocked even some of the most seasoned China watchers. It appears that Beijing really doesn’t care how much foreign investors lose. Meanwhile Asian stocks look set for a steady open as traders assess the losses. Equity futures edged up in Japan and Australia and were little changed in Hong Kong. Treasuries and the dollar declined.