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Fresh China crackdown fears, crypto regulation and Covid hits Congress.

Tencent Holdings Ltd. slumped as much as 11% and Chinese gaming stocks sold off as Beijing's crackdown on private enterprise threatened to spread to the online entertainment industry. A strongly worded article referring to online games as “spiritual opium” rattled investors still reeling from recent efforts by Xi Jinping’s government to rein in tech firms. While it’s unclear whether regulators now intend to shift their focus to gaming, Tencent has tangled with authorities over video games in the past. It comes as investors are already questioning whether China's stocks are "uninvestable." The country’s automobile chip-makers also tumbled after the government launched a probe into possible price manipulation.