Asian shares are trading in red as global growth fears drag markets down. Indian markets are trading with losses. Blue chips in China fall by 1%.

Asian shares tumble: Global growth fears drag markets down

The stock markets might be running dry, but it's still raining IPOs in India. One of the most-awaited IPOs, Life Insurance Corporation (LIC) has finally made its debut. But looks like the investors may have to wait a bit long for return. Know why.

LIC debuts at a discount but how did other Indian firms perform at stock market listing?

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&amp;P 500. Since the end of December last year, the index has dropped approximately 18 per cent.&nbsp; Following a 0.1 per cent fall on Thursday (May 12), the S&amp;P 500 is now just beyond bear market levels, that is 20 per cent drop from a recent closing high.&nbsp;

The Dow, which fell about 104 points, or 0.3 per cent, on Thursday (May 12), is down more than 13 per cent this year.

Also read |<a href="https://www.wionews.com/world/now-sec-probes-delayed-disclosure-of-elon-musks-initial-stake-in-twitter-says-report-478308">&nbsp;Now, SEC probes delayed disclosure of Elon Musk's initial stake in Twitter, says report</a>

Technology stocks have been hit very bad. The Nasdaq managed a small rise on Thursday, but it is still down 27 per cent this year, placing it in market territory, according to US media reports. The tech sector is responsible for about $3 trillion of the S&amp;P 500’s market cap decline.&nbsp;

As per the analysis from Bespoke Investment Group, a research firm, The Nasdaq has dropped more than 20 per cent in the last 30 trading days. According to the firm, a dip of that magnitude has only happened 11 times earlier, and nine of those declines were “related with recession.”

Watch |&nbsp;Gravitas: Worst day for global markets since June 2020

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-worst-day-for-global-markets-since-june-2020-477982/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Shares of many tech leaders such as Apple (AAPL), Microsoft (MSFT), Google owner Alphabet (GOOGL) and Tesla (TSLA) are all deeply in red. However, Netflix (NFLX) is the poorest performer in the S&amp;P 500 in 2022, down more than 70 per cent, CNN Business reported.&nbsp;

The sharp drop is alarming Main Street, which is concerned that the US economy is losing its speed after a remarkable rebound from the pandemic-induced recession.

Also read |&nbsp;<a href="https://www.wionews.com/world/biden-sets-inflation-agenda-discusses-end-to-china-tariffs-477964">Biden sets inflation agenda; discusses end to China tariffs</a>

Investors are now waiting for capitulation, the point at which it appears that everyone has completely given up. When sentiment appears to be at its lowest, it may be time to begin buying them again.&nbsp;

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

(With inputs from agencies) 
&nbsp;

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&P 500. Since the end of December last year, the index has dropped approximately 18 per cent.

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&P 500. Since the end of December last year, the index has dropped approximately 18 per cent. Following a 0.1 per cent fall on Thursday (May 12), the S&P 500 is now just beyond bear market levels, that is 20 per cent drop from a recent closing high. The Dow, which fell about 104 points, or 0.3 per cent, on Thursday (May 12), is down more than 13 per cent this year. Also read | Now, SEC probes delayed disclosure of Elon Musk's initial stake in Twitter, says report Technology stocks have been hit very bad. The Nasdaq managed a small rise on Thursday, but it is still down 27 per cent this year, placing it in market territory, according to US media reports. The tech sector is responsible for about $3 trillion of the S&P 500’s market cap decline. As per the analysis from Bespoke Investment Group, a research firm, The Nasdaq has dropped more than 20 per cent in the last 30 trading days. According to the firm, a dip of that magnitude has only happened 11 times earlier, and nine of those declines were “related with recession.” Watch | Gravitas: Worst day for global markets since June 2020 Shares of many tech leaders such as Apple (AAPL), Microsoft (MSFT), Google owner Alphabet (GOOGL) and Tesla (TSLA) are all deeply in red. However, Netflix (NFLX) is the poorest performer in the S&P 500 in 2022, down more than 70 per cent, CNN Business reported. The sharp drop is alarming Main Street, which is concerned that the US economy is losing its speed after a remarkable rebound from the pandemic-induced recession. Also read | Biden sets inflation agenda; discusses end to China tariffs Investors are now waiting for capitulation, the point at which it appears that everyone has completely given up. When sentiment appears to be at its lowest, it may be time to begin buying them again. WATCH WION LIVE HERE: (With inputs from agencies)

Big slump: US stock markets lost more than $7 trillion this year

After a $44 billion acquisition by billionaire Elon Musk, Twitter reported a stronger-than-expected user growth. In early trade, Twitter stock was also up by 1%.

Post Elon Musk's buyout, Twitter reports a stronger-than-expected user growth

Apple has revealed its financial results for the first quarter of 2022 and it becomes the world's first company to hit the $3 trillion market valuation. CEO Tim Cook has warned that sales could take a hit of up to $8 billion.

Apple hits $3 trillion market valuation, declares record-breaking Q1 sales

Shares of Twitter have jumped over 3% amid speculations of Musk sealing the deal with Twitter. Watch this report to know more.

Elon Musk's mission Twitter: Musk to seal the deal with Twitter? Twitter shares jump over 3%

India is all set to have its biggest-ever IPO. A Mega $2.7 billion LIC IPO is to open on May 4. Watch this report to know more.

LIC IPO: India's Biggest-ever IPO to open on May 4

The world's richest man Elon Musk has managed to strike a deal with the American micro-blogging site Twitter. The Tesla CEO will now be buying twitter for $44 billion, an all-cash deal.

A deal in the name of Free Speeh: Will Twitter open-source its platform?

Twitter accepts Elon Musk's buyout deal as it is set to be owned by World's richest man

The world's richest man Elon Musk has managed to strike a deal with the American micro-blogging site Twitter. The Tesla CEO will now be buying twitter for $44 billion, an all-cash deal. Now, deal subject to a shareholder vote.

Elon Musk's deal to takeover Twitter subject to a shareholder vote

Netflix is facing its worst fall in a decade, its shares have plunged over the last two days. The company is looking for ways to stem the fall and reports say the entertainment giant can experiment with introducing advertisements or commercials.

Netflix faces its worst year in a decade, hints at crackdown on password sharing

Warner Bros. Discovery shares gained on the company's first day of trading. The new media and the streaming firm is witnessing soaring shares.

Warner Bros. Discovery shares gain on the company's first day of trading

World share markets were choppy on Thursday as the&nbsp;Russia-Ukraine&nbsp;war kept&nbsp;oil&nbsp;above $120 a barrel, while "stagflation" worries rose on renewed talk of aggressive U.S. interest rates hikes and slowing growth.

Europe's main stock indexes barely budged and government bond yields edged up toward multi-year highs hit earlier in the week as March PMI data came in reassuringly robust.

Focus was otherwise on a Thursday special&nbsp;NATO&nbsp;summit&nbsp;in Brussels, which U.S. President Joe Biden will attend, to discuss further responses to&nbsp;Russia's month-old invasion of&nbsp;Ukraine, which Moscow calls a "special military operation".

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-war-russia-can-never-win-a-nuclear-war-nato-chief-warns-465139">Ukraine war: Russia 'can never win a nuclear war', NATO chief warns</a>

Rabobank's head of macro strategy, Elwin de Groot, said markets would be watching what emerges closely, especially how unified&nbsp;NATO&nbsp;members remain and what Biden can offer European countries to help wean themselves off&nbsp;Russian gas.

"The&nbsp;NATO&nbsp;meeting is certainly important," de Groot said. "At the minimum you would expect the members to come up with preparations for a possible further escalation in the&nbsp;Ukraine&nbsp;war."

Wall Street futures were up a solid 0.6%&nbsp;ahead&nbsp;of trading there, but the mood seemed changeable.

MSCI's broadest index of Asia-Pacific&nbsp;shares&nbsp;outside Japan recouped some of its early losses overnight but ended down 0.6% after more falls in China and Hong Kong.&nbsp;

Japan's Nikkei bucked the trend, rising 0.25% to a nine-week high as its exporters cheered the yen falling to its lowest against the dollar since 2015.

At 1000 GMT, the dollar was up 0.4% versus the yen, at 121.65, with expectations that the Bank of Japan will be far behind other top central banks in raising interest rates.

Also read |&nbsp;<a href="https://www.wionews.com/world/more-than-half-of-ukrainian-children-displaced-by-war-says-un-465162">More than half of Ukrainian children displaced by war, says UN</a>

Hawkish

Driving some of the volatility, Federal Reserve policymakers on Wednesday signalled they stood ready to take more aggressive action to bring down decades-high inflation, including a possible half-percentage-point rate hike at the next policy meeting in May.

Those signals pushed all three main U.S. share benchmarks 1% lower overnight.&nbsp;

"The sharp hawkish repricing of Fed rate hike expectations has mainly benefited the U.S. dollar against low yielding currencies whose own domestic central banks are expected to lag well behind the Fed in tightening policy," MUFG currency analyst Lee Hardman wrote in a note to clients.

Oil&nbsp;and gas markets also remained hot amid the geopolitical uncertainty.

Russian President Vladimir Putin said on Wednesday that Moscow would seek payment in roubles for gas sold to "unfriendly" countries, jolting energy markets, although Italy's President Mario Draghi said it planned to keep paying in euros.

Also read |&nbsp;<a href="https://www.wionews.com/world/oksana-baulina-russian-journalist-killed-during-bombardment-in-kyiv-465090">Oksana Baulina: Russian journalist killed during bombardment in Kyiv</a>

Brent futures were little changed at $121.67 a barrel and U.S. West Texas Intermediate futures fell 41 cents, or 0.35%, to $114.5 a barrel

The bond market was starting to shift again with the yield on benchmark 10-year Treasury notes up at 2.37% and German bunds creeping over 0.52%.

"Inflation is really the big driver," Rabobank's de Groot said, adding that it was also behind falling consumer confidence.

EU leaders are expected to agree at a two-day&nbsp;summit&nbsp;starting on Thursday to jointly buy gas, as they seek to cut reliance on&nbsp;Russian fuels and build a buffer against supply shocks. But the bloc remains unlikely to sanction&nbsp;Russian&nbsp;oil&nbsp;and gas.

Watch |&nbsp;Gravitas Global Headlines: Ukraine: Russia attacks have killed 121 children

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-global-headlines-ukraine-russia-attacks-have-killed-121-children-465001/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

World share markets were choppy on Thursday as the Russia-Ukraine war kept oil above $120 a barrel, while "stagflation" worries rose on renewed talk of aggressive U.

World share markets were choppy on Thursday as the Russia-Ukraine war kept oil above $120 a barrel, while "stagflation" worries rose on renewed talk of aggressive U.S. interest rates hikes and slowing growth. Europe's main stock indexes barely budged and government bond yields edged up toward multi-year highs hit earlier in the week as March PMI data came in reassuringly robust. Focus was otherwise on a Thursday special NATO summit in Brussels, which U.S. President Joe Biden will attend, to discuss further responses to Russia's month-old invasion of Ukraine, which Moscow calls a "special military operation". Also read | Ukraine war: Russia 'can never win a nuclear war', NATO chief warns Rabobank's head of macro strategy, Elwin de Groot, said markets would be watching what emerges closely, especially how unified NATO members remain and what Biden can offer European countries to help wean themselves off Russian gas. "The NATO meeting is certainly important," de Groot said. "At the minimum you would expect the members to come up with preparations for a possible further escalation in the Ukraine war." Wall Street futures were up a solid 0.6% ahead of trading there, but the mood seemed changeable. MSCI's broadest index of Asia-Pacific shares outside Japan recouped some of its early losses overnight but ended down 0.6% after more falls in China and Hong Kong. Japan's Nikkei bucked the trend, rising 0.25% to a nine-week high as its exporters cheered the yen falling to its lowest against the dollar since 2015. At 1000 GMT, the dollar was up 0.4% versus the yen, at 121.65, with expectations that the Bank of Japan will be far behind other top central banks in raising interest rates. Also read | More than half of Ukrainian children displaced by war, says UN Hawkish Driving some of the volatility, Federal Reserve policymakers on Wednesday signalled they stood ready to take more aggressive action to bring down decades-high inflation, including a possible half-percentage-point rate hike at the next policy meeting in May. Those signals pushed all three main U.S. share benchmarks 1% lower overnight. "The sharp hawkish repricing of Fed rate hike expectations has mainly benefited the U.S. dollar against low yielding currencies whose own domestic central banks are expected to lag well behind the Fed in tightening policy," MUFG currency analyst Lee Hardman wrote in a note to clients. Oil and gas markets also remained hot amid the geopolitical uncertainty. Russian President Vladimir Putin said on Wednesday that Moscow would seek payment in roubles for gas sold to "unfriendly" countries, jolting energy markets, although Italy's President Mario Draghi said it planned to keep paying in euros. Also read | Oksana Baulina: Russian journalist killed during bombardment in Kyiv Brent futures were little changed at $121.67 a barrel and U.S. West Texas Intermediate futures fell 41 cents, or 0.35%, to $114.5 a barrel The bond market was starting to shift again with the yield on benchmark 10-year Treasury notes up at 2.37% and German bunds creeping over 0.52%. "Inflation is really the big driver," Rabobank's de Groot said, adding that it was also behind falling consumer confidence. EU leaders are expected to agree at a two-day summit starting on Thursday to jointly buy gas, as they seek to cut reliance on Russian fuels and build a buffer against supply shocks. But the bloc remains unlikely to sanction Russian oil and gas. Watch | Gravitas Global Headlines: Ukraine: Russia attacks have killed 121 children

Shares, oil volatile ahead of NATO Russia-Ukraine summit

The Bombay Stock Exchange has sought clarification from the parent company of Paytm over the steep drop in its share prices. Shares have lost major portion of value after Paytm Payments Bank came under RBI's scanner.

BSE seeks clarification from Paytm parent, shares near all-time low levels

Amid the ongoing tensions over Russia and Ukraine crisis, major markets in Asia opened up to losses. Surge in crude oil prices has also put Asian stocks under renewed pressure.

Asian stocks extend a global slump amid growing tensions over the Russia-Ukraine conflict

Asian stocks tumble in morning trade as the risk of stagflationary shock for world markets continue

The Asian markets have opened in the green early this morning after some reassuring comments from the federal reserve that has helped wall street to rally.

Asian shares open with gains: Concerns persist over global inflation

The market is abuzz today with one positive development. Want to know what it is? &nbsp;

Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares. &nbsp;&nbsp;

The papers have been deposited with the market regulator in a bid to raise nearly $8 billion. &nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/up-goa-assembly-polls-2022-polling-underway-in-two-indian-states-55-seats-in-up-40-in-goa-up-for-grabs-453098" hreflang="en">UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs</a>

The move seems to have dwarfed the biggest IPO in third-largest economy of Asia by a great margin. &nbsp;

It is crucial for the Indian PM Narendra Modi-led government's efforts to meet sharply trimmed divestment target in the current financial year. It will also provide a measure of the success of the pro-market policies of the government.&nbsp;

According to the draft prospectus filed on Sunday, India's largest insurer will sell 316.25 million shares. It will amount to nearly 5% of the post-offer paid up share capital. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/marvellous-accomplishment-in-2022s-maiden-mission-isro-puts-three-satellites-into-orbit-successfully-453091" hreflang="en">Marvellous accomplishment: In 2022's maiden mission, ISRO puts three satellites into orbit successfully</a>

An embedded value of 5.39 trillion Indian rupees ($71.56 billion) was also stated in the filing. It is a measure of future cash flows in life insurance companies. This is an important financial gauge for insurers. &nbsp;&nbsp;

The government may raise around Rs 600 billion ($7.97 billion) from the issuance and not Rs 900 billion, which was the target of the initial plan as it has trimmed the offering due to market conditions, Reuters reported, citing a government source. &nbsp;&nbsp;

By the end of March, the listing may get completed, the source added. &nbsp;

(With inputs from agencies)&nbsp;

The market is abuzz today with one positive development. Want to know what it is? Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares.

The market is abuzz today with one positive development. Want to know what it is? Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares. The papers have been deposited with the market regulator in a bid to raise nearly $8 billion. Also Read | UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs The move seems to have dwarfed the biggest IPO in third-largest economy of Asia by a great margin. It is crucial for the Indian PM Narendra Modi-led government's efforts to meet sharply trimmed divestment target in the current financial year. It will also provide a measure of the success of the pro-market policies of the government. According to the draft prospectus filed on Sunday, India's largest insurer will sell 316.25 million shares. It will amount to nearly 5% of the post-offer paid up share capital. Also Read | Marvellous accomplishment: In 2022's maiden mission, ISRO puts three satellites into orbit successfully An embedded value of 5.39 trillion Indian rupees ($71.56 billion) was also stated in the filing. It is a measure of future cash flows in life insurance companies. This is an important financial gauge for insurers. The government may raise around Rs 600 billion ($7.97 billion) from the issuance and not Rs 900 billion, which was the target of the initial plan as it has trimmed the offering due to market conditions, Reuters reported, citing a government source. By the end of March, the listing may get completed, the source added. (With inputs from agencies)

New IPO in market: India's LIC files draft papers to sell 5% shares to raise $8 billion

Facebook owner Meta Platforms shares plunge 26% late on Wednesday after the social media company posted a weaker-than-expected forecast, blaming Apple's privacy changes and increased competition for users from rivals like TikTok.

Meta's shares plummet 26% after Facebook reports a decline in daily active users

Indian telecom operator Vodafone Idea Ltd said on Tuesday its board has approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of airwaves into equity.

The "net present value" of the interest is expected to be about 160 billion Indian rupees ($2.16 billion), according to the company`s estimates.

Vodafone Idea`s shares were down 10% at 13.40 rupees.

Following the conversion into equity, the Indian government is expected to hold about 35.8% of the total outstanding shares of Vodafone Idea. Promoter shareholders Vodafone Group will hold 28.5% and Aditya Birla Group 17.8%.

"Dilution in stake is something the promoters or existing shareholders do not welcome much. Somewhere around 10% to 15% of dilution to the government would have been welcomed," said Likhita Chepa, senior research analyst at CapitalVia Global Research.

India`s telecom sector was disrupted by the entry of billionaire Mukesh Ambani`s Reliance Jio and forced some rivals out of the market. The sector`s troubles have also been compounded by the huge dues owed to the government.

Vodafone Idea, a combination of the India unit of Britain`s Vodafone Group and Idea Cellular, has paid the government 78.54 billion rupees in dues, but still owes roughly 500 billion rupees.

India`s top court in 2020 gave telecom firms 10 years until 2031 to clear dues, but rejected a plea last year seeking corrections to the calculation.

Larger rival Bharti Airtel said on Friday it will not convert interest and government dues into equity.

"From the sector perspective it is clear that the market will not shrink to two players ... the government coming in doesn`t change anything in terms of a competitive landscape as they are not infusing any capital," Ambit Capital analyst Vivekanand Subbaraman said.

Indian telecom operator Vodafone Idea Ltd said on Tuesday its board has approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of airwaves into equity.

Indian telecom operator Vodafone Idea Ltd said on Tuesday its board has approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of airwaves into equity. The "net present value" of the interest is expected to be about 160 billion Indian rupees ($2.16 billion), according to the company`s estimates. Vodafone Idea`s shares were down 10% at 13.40 rupees. Following the conversion into equity, the Indian government is expected to hold about 35.8% of the total outstanding shares of Vodafone Idea. Promoter shareholders Vodafone Group will hold 28.5% and Aditya Birla Group 17.8%. "Dilution in stake is something the promoters or existing shareholders do not welcome much. Somewhere around 10% to 15% of dilution to the government would have been welcomed," said Likhita Chepa, senior research analyst at CapitalVia Global Research. India`s telecom sector was disrupted by the entry of billionaire Mukesh Ambani`s Reliance Jio and forced some rivals out of the market. The sector`s troubles have also been compounded by the huge dues owed to the government. Vodafone Idea, a combination of the India unit of Britain`s Vodafone Group and Idea Cellular, has paid the government 78.54 billion rupees in dues, but still owes roughly 500 billion rupees. India`s top court in 2020 gave telecom firms 10 years until 2031 to clear dues, but rejected a plea last year seeking corrections to the calculation. Larger rival Bharti Airtel said on Friday it will not convert interest and government dues into equity. "From the sector perspective it is clear that the market will not shrink to two players ... the government coming in doesn`t change anything in terms of a competitive landscape as they are not infusing any capital," Ambit Capital analyst Vivekanand Subbaraman said.

Indian govt may hold 35.8% stake in telecom giant Voda Idea as it converts debt into equity

US stocks fell sharply yesterday with NASDAQ plunging more than three percent in its biggest one-day percentage drop since February.

NASDAQ posts biggest one-day drop since February last year

Apple has become the world's first company to hit a three trillion dollar stock market value, as investors are bullish on iPhone makers' future prospects and are hopeful that the US firm will keep launching best-selling products.

Apple's shares peak for the second day after touching $3 trillion market value

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission.

The company neither revealed the number of shares that it will be offering, nor it has disclosed the price range for the stock.

"The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions," the company,&nbsp;which did not make the registration form public, said in a statement.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/how-gamestop-missed-out-on-capitalising-on-the-reddit-rally-362984">How GameStop missed out on capitalising on the Reddit rally</a>

Reddit, which was founded in 2005, had around 52 million daily users as of August this year.

In August, the company said it had raised $700 million in new funding, valuing it at more than $10 billion, according to Reuters.

Also read |&nbsp;<a href="https://www.wionews.com/technology/reddit-buys-tiktoks-competitor-dubsmash-promises-diversity-349746">Reddit buys TikTok's competitor Dubsmash; promises diversity</a>

Co-founder and chief executive Steve Huffman told the New York Times in the same month that Reddit was “still planning on going public” but didn’t have a firm timeline, adding, “All good companies should go public when they can.”

Reddit had become the talk of the town in January this year, when an army of small-time stock traders, communicating on its pages, rocked Wall Street by betting against the stocks that had gone viral like those of the video game store chain GameStop.

Information shared by the investors on the network led to a sudden surge in the value of shares of GameStop, AMC and other companies.

Reddit's biggest financial backers include Chinese technology Tencent, Fidelity Investments and venture capital firm Sequoia Capital.

(With inputs from agencies)

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission.

Announcing that it is going public, social media platform Reddit said that it has confidentially filed for the proposed initial pubic offering (IPO) with the US Securities and Exchange Commission. The company neither revealed the number of shares that it will be offering, nor it has disclosed the price range for the stock. "The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions," the company, which did not make the registration form public, said in a statement. Also read | How GameStop missed out on capitalising on the Reddit rally Reddit, which was founded in 2005, had around 52 million daily users as of August this year. In August, the company said it had raised $700 million in new funding, valuing it at more than $10 billion, according to Reuters. Also read | Reddit buys TikTok's competitor Dubsmash; promises diversity Co-founder and chief executive Steve Huffman told the New York Times in the same month that Reddit was “still planning on going public” but didn’t have a firm timeline, adding, “All good companies should go public when they can.” Reddit had become the talk of the town in January this year, when an army of small-time stock traders, communicating on its pages, rocked Wall Street by betting against the stocks that had gone viral like those of the video game store chain GameStop. Information shared by the investors on the network led to a sudden surge in the value of shares of GameStop, AMC and other companies. Reddit's biggest financial backers include Chinese technology Tencent, Fidelity Investments and venture capital firm Sequoia Capital. (With inputs from agencies)

Social media platform Reddit to go public, files confidential IPO

Trading in shares of embattled Chinese developer Kaisa Group Holdings was suspended on Wednesday, according to the Hong Kong stock exchange.

Trading in shares of Chinese developer Kaisa suspended: Report

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. China Evergrande New Energy Vehicle, which is the group’s electric car unit also dropped over 5 per cent.&nbsp;

Chairman Hui Ka Yan sold 1.2 billion shares, raising around $344 million.

Chinese authorities have told the chairman to use some of his wealth in paying the company's debts.

Earlier, the Hong Kong media had reported that the firm's chairman is offloading some of his personal fortunes to raise cash. This&nbsp;included&nbsp;a luxury property in the financial hub's ritzy Peak district.&nbsp;

<a href="https://www.wionews.com/business-economy/evergrande-sells-stake-in-hengten-the-netflix-of-china-430356">Also read |&nbsp;Evergrande sells stake in HengTen, the Netflix of China</a>

This comes a few days after the firm announced that it is raising $273 million by selling all stakes in film production and streaming company HengTen Networks. The network is known to be the Chinese equivalent of Netflix.

The Evergrande crisis has spooked Chinese real estate sector and has even global investors watching.&nbsp;

There were several controversies earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that the collapse of Evergrande would deeply impact the Chinese economy which will spill over into global markets.&nbsp; 
&nbsp;

(With inputs from agencies)

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities.

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. China Evergrande New Energy Vehicle, which is the group’s electric car unit also dropped over 5 per cent. Chairman Hui Ka Yan sold 1.2 billion shares, raising around $344 million. Chinese authorities have told the chairman to use some of his wealth in paying the company's debts. Earlier, the Hong Kong media had reported that the firm's chairman is offloading some of his personal fortunes to raise cash. This included a luxury property in the financial hub's ritzy Peak district. Also read | Evergrande sells stake in HengTen, the Netflix of China This comes a few days after the firm announced that it is raising $273 million by selling all stakes in film production and streaming company HengTen Networks. The network is known to be the Chinese equivalent of Netflix. The Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. There were several controversies earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that the collapse of Evergrande would deeply impact the Chinese economy which will spill over into global markets. (With inputs from agencies)

Chinese real estate firm Evergrande's shares dive after Chairman Hui Ka Yan cuts stake

Chinese e-commerce giant Alibaba heightened worries about Beijing's broad regulatory crackdown and slowing growth in the world's second-biggest economy.

China: Alibaba shares drop after disappointing earnings

Tesla Inc Chief Executive Elon Musk seems to be on cloud nine at the moment. After becoming the richest man on Earth, the CEO has gone on a stock selling spree after asking followers about it. &nbsp;

In the latest development, Musk sold 1.2 million shares held by his trust for over $1.2 billion on November 12, the US securities filings showed on Friday.&nbsp;It is an addition to the multi-billion dollar list of sales reported this week. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/trumps-former-advisor-steve-bannon-indicted-for-refusing-to-testify-for-capitol-riot-probe-428893" hreflang="en">Trump’s former advisor Steve Bannon indicted for refusing to testify for Capitol riot probe</a>

Earlier, staying true to his word, Tesla CEO Elon Musk sold 930,000 shares of his company stock worth about $1.1 billion. &nbsp;

This development comes a few days after Musk posted a poll for his Twitter followers asking if he should sell 10 per cent of his stock holdings in the company. He had said that he would “abide by the results of this poll, whichever way it goes.” &nbsp;

The poll came amid pressure in Washington to increase taxes on billionaires. A few Democrats have been wanting to impose a new tax on America’s wealthiest by taxing unrealised capital gains.

Also Read:&nbsp;<a href="https://www.wionews.com/world/us-8-big-cats-test-positive-for-covid-19-at-st-louis-zoo-428910" hreflang="en">US: 8 big cats test positive for COVID-19 at St. Louis Zoo</a>&nbsp;

“Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10 per cent of my Tesla stock. Do you support this?” he tweeted. &nbsp;

The majority voted in favour of Musk selling 10 per cent of his company's stock. There were nearly 3.5 million votes. While 57.9 per cent said they supported the initiative, 42.1 per cent said they were not in favour of it. &nbsp;

(With inputs from agencies)&nbsp;

Tesla Inc Chief Executive Elon Musk seems to be on cloud nine at the moment. After becoming the richest man on Earth, the CEO has gone on a stock selling spree after asking followers about it.

Tesla Inc Chief Executive Elon Musk seems to be on cloud nine at the moment. After becoming the richest man on Earth, the CEO has gone on a stock selling spree after asking followers about it. In the latest development, Musk sold 1.2 million shares held by his trust for over $1.2 billion on November 12, the US securities filings showed on Friday. It is an addition to the multi-billion dollar list of sales reported this week. Also Read: Trump’s former advisor Steve Bannon indicted for refusing to testify for Capitol riot probe Earlier, staying true to his word, Tesla CEO Elon Musk sold 930,000 shares of his company stock worth about $1.1 billion. This development comes a few days after Musk posted a poll for his Twitter followers asking if he should sell 10 per cent of his stock holdings in the company. He had said that he would “abide by the results of this poll, whichever way it goes.” The poll came amid pressure in Washington to increase taxes on billionaires. A few Democrats have been wanting to impose a new tax on America’s wealthiest by taxing unrealised capital gains. Also Read: US: 8 big cats test positive for COVID-19 at St. Louis Zoo “Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10 per cent of my Tesla stock. Do you support this?” he tweeted. The majority voted in favour of Musk selling 10 per cent of his company's stock. There were nearly 3.5 million votes. While 57.9 per cent said they supported the initiative, 42.1 per cent said they were not in favour of it. (With inputs from agencies)

Musk on stock selling spree? Tesla CEO sells another $1.2 bn worth shares  

Elon Musk may have already been compelled to sell a sizable portion of his Tesla shares even if he had not issued an unusual Twitter pledge over the weekend. Musk on Saturday polled Twitter users on whether he should sell 10% of his stake in his company. The poll appeared to be a response to a Democratic proposal to tax the unrealized gains of billionaires.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” he tweeted.

Musk said he was raising the question because he does not take a cash salary as Tesla’s CEO and therefore would not have any way to pay a large tax bill without selling some of his Tesla shares, which make up the vast majority of his wealth.

Musk wrote in a follow-up tweet that he would “abide by the results of this poll, whichever way it goes.” Tesla’s shares were down a little more than 3% on the news Monday.

He closed the poll Sunday, after nearly 3.5 million votes had been cast, with 58% voting for him to sell. Musk has not confirmed what he will do, but after closing the poll, he tweeted, “I was prepared to accept either outcome.”

Either way, Musk may soon have needed to sell a big chunk of his shares. He holds nearly 23 million stock options that were awarded in 2012. Those options have since vested and will expire in August 2022. Most stock grants allow executives to avoid paying taxes for years, and perhaps forever, as long as they do not sell the shares they get from converting the option.

But Brian Foley, an executive compensation consultant, says that because of the size of Musk’s grant and the way it was structured, it is likely that much of his 2012 options do not qualify for the preferential tax treatment. That means Musk would owe income taxes when he exercises the grant, which at current prices would be worth just under $30 billion. Musk’s tax bill could top $10 billion, depending on what percentage of the options do not qualify for the preferential treatment.

“They are a ticking tax time bomb,” Foley said of Musk’s stock options. “Offhand I can’t think of any way for him to get around paying the tax.”

What’s more, Musk may need to sell even more shares than what it would take to pay his tax bill. He owns 17% of Tesla’s shares, which at its current stock price would be worth about $200 billion. That means his weekend tweets are a pledge to sell roughly $20 billion worth of Tesla’s shares.

The potential sale could roil Tesla’s stock at a time when many analysts say it is already overvalued. The company’s market value recently crossed $1 trillion, making it only one of five U.S. publicly traded companies to be worth that much.

Nonetheless, James Cox, a professor at Duke University law school and an expert in securities laws, said it might be hard for Musk to go back on his Twitter pledge.

“It’s a no-win situation,” Cox said. “In the securities law, the problem is this could be seen as a misrepresentation that was meant to mislead if another shareholder sold on Musk’s tweet.”

But Cox said it would be a hard lawsuit to win, because CEOs are allowed to make statements and change their minds, as long as they meant what they said when they said it.

It would not be the first time that Musk has gotten into trouble over his tweets. In late 2018, he and Tesla settled a lawsuit by the Securities and Exchange Commission, without admitting guilt, for tweeting about a potential sale of Tesla that never happened. Musk was also sued for defamation in 2018 after calling a diver who had helped rescue children stuck in a cave in Thailand a “pedo guy” on Twitter. Musk won the suit.

Daniel Ives, a stock analyst at Wedbush Securities who follows Tesla, called Musk’s latest Twitter pledge “bizarre” but said he thought that given Tesla’s prospects and the investor enthusiasm for the company, the stock, which is up more than 60% this year, would keep climbing, even with Musk cashing out a portion of his holdings.

“Musk was likely to sell some of his Tesla stock before year end, but no one ever imagined there would be a Twitter poll translating into a 10% sale of his ownership,” Ives said. “This weekend’s Twitter poll was a strange one even for Elon.”

Elon Musk may have already been compelled to sell a sizable portion of his Tesla shares even if he had not issued an unusual Twitter pledge over the weekend. Musk on Saturday polled Twitter users on whether he should sell 10% of his stake in his company.

Elon Musk may have already been compelled to sell a sizable portion of his Tesla shares even if he had not issued an unusual Twitter pledge over the weekend. Musk on Saturday polled Twitter users on whether he should sell 10% of his stake in his company. The poll appeared to be a response to a Democratic proposal to tax the unrealized gains of billionaires. “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” he tweeted. Musk said he was raising the question because he does not take a cash salary as Tesla’s CEO and therefore would not have any way to pay a large tax bill without selling some of his Tesla shares, which make up the vast majority of his wealth. Musk wrote in a follow-up tweet that he would “abide by the results of this poll, whichever way it goes.” Tesla’s shares were down a little more than 3% on the news Monday. He closed the poll Sunday, after nearly 3.5 million votes had been cast, with 58% voting for him to sell. Musk has not confirmed what he will do, but after closing the poll, he tweeted, “I was prepared to accept either outcome.” Either way, Musk may soon have needed to sell a big chunk of his shares. He holds nearly 23 million stock options that were awarded in 2012. Those options have since vested and will expire in August 2022. Most stock grants allow executives to avoid paying taxes for years, and perhaps forever, as long as they do not sell the shares they get from converting the option. But Brian Foley, an executive compensation consultant, says that because of the size of Musk’s grant and the way it was structured, it is likely that much of his 2012 options do not qualify for the preferential tax treatment. That means Musk would owe income taxes when he exercises the grant, which at current prices would be worth just under $30 billion. Musk’s tax bill could top $10 billion, depending on what percentage of the options do not qualify for the preferential treatment. “They are a ticking tax time bomb,” Foley said of Musk’s stock options. “Offhand I can’t think of any way for him to get around paying the tax.” What’s more, Musk may need to sell even more shares than what it would take to pay his tax bill. He owns 17% of Tesla’s shares, which at its current stock price would be worth about $200 billion. That means his weekend tweets are a pledge to sell roughly $20 billion worth of Tesla’s shares. The potential sale could roil Tesla’s stock at a time when many analysts say it is already overvalued. The company’s market value recently crossed $1 trillion, making it only one of five U.S. publicly traded companies to be worth that much. Nonetheless, James Cox, a professor at Duke University law school and an expert in securities laws, said it might be hard for Musk to go back on his Twitter pledge. “It’s a no-win situation,” Cox said. “In the securities law, the problem is this could be seen as a misrepresentation that was meant to mislead if another shareholder sold on Musk’s tweet.” But Cox said it would be a hard lawsuit to win, because CEOs are allowed to make statements and change their minds, as long as they meant what they said when they said it. It would not be the first time that Musk has gotten into trouble over his tweets. In late 2018, he and Tesla settled a lawsuit by the Securities and Exchange Commission, without admitting guilt, for tweeting about a potential sale of Tesla that never happened. Musk was also sued for defamation in 2018 after calling a diver who had helped rescue children stuck in a cave in Thailand a “pedo guy” on Twitter. Musk won the suit. Daniel Ives, a stock analyst at Wedbush Securities who follows Tesla, called Musk’s latest Twitter pledge “bizarre” but said he thought that given Tesla’s prospects and the investor enthusiasm for the company, the stock, which is up more than 60% this year, would keep climbing, even with Musk cashing out a portion of his holdings. “Musk was likely to sell some of his Tesla stock before year end, but no one ever imagined there would be a Twitter poll translating into a 10% sale of his ownership,” Ives said. “This weekend’s Twitter poll was a strange one even for Elon.”

Behind Elon Musk’s Twitter poll is a tax bill coming due

Kaisa and three of its units had their shares suspended from trading on Friday, a day after an affiliate missed a payment to onshore investors as China's snowballing property debt crisis jolts other developers.

World Business Watch: Kaisa, units trading suspended as debt crisis routs Chinese developers' shares

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over.

Jack Ma has been keeping a low profile even since Chinese officials scuttled Ant Group's record-breaking IPO worth USD 37 billion last November. The crackdown from the Chinese state came after Jack Ma's speech last year criticising Chinese regulators.

Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba.

The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe.

It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary.

However, Alibaba spokesperson declined to comment as per Reuters.

Also Read | <a href="https://www.wionews.com/world/chinese-business-tycoon-jack-ma-reappears-in-hong-kong-420381">Chinese business tycoon Jack Ma reappears in Hong Kong</a>

But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing.

That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months.

The Hang Seng Index, one of the worst performers this year, is now up 10 percent since closing at a five-year low on October 6.&nbsp;

"It's getting clearer and clearer that the worst of Beijing's crackdowns are behind us, in particular in the technology sector as they were the first to suffer," Jackson Wong, asset management director at Amber Hill Capital, told Bloomberg News.&nbsp;

After Jack Ma's speech last year, Chinese authorities pulled Ant's IPO and followed up with an antitrust probe of Alibaba, eventually fining the company $2.75 billion.

Chinese authorities have also ordered Ant to undergo restructuring as a condition for reviving its IPO.

Ma disappeared towards the end of the last year but briefly resurfaced in January after a video clip showed him giving a speech to rural teachers as part of an event organised by his charity.

His trip to Spain is believed to be the first time he has travelled overseas since regulators went for Alibaba.&nbsp;

(With inputs from agencies)

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over.

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over. Jack Ma has been keeping a low profile even since Chinese officials scuttled Ant Group's record-breaking IPO worth USD 37 billion last November. The crackdown from the Chinese state came after Jack Ma's speech last year criticising Chinese regulators. Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba. The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe. It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary. However, Alibaba spokesperson declined to comment as per Reuters. Also Read | Chinese business tycoon Jack Ma reappears in Hong Kong But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing. That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months. The Hang Seng Index, one of the worst performers this year, is now up 10 percent since closing at a five-year low on October 6. "It's getting clearer and clearer that the worst of Beijing's crackdowns are behind us, in particular in the technology sector as they were the first to suffer," Jackson Wong, asset management director at Amber Hill Capital, told Bloomberg News. After Jack Ma's speech last year, Chinese authorities pulled Ant's IPO and followed up with an antitrust probe of Alibaba, eventually fining the company $2.75 billion. Chinese authorities have also ordered Ant to undergo restructuring as a condition for reviving its IPO. Ma disappeared towards the end of the last year but briefly resurfaced in January after a video clip showed him giving a speech to rural teachers as part of an event organised by his charity. His trip to Spain is believed to be the first time he has travelled overseas since regulators went for Alibaba. (With inputs from agencies)

Jack Ma's reported Europe trip boosts Alibaba shares

Asian shares lost ground on Wednesday, and were set for&nbsp;worst quarter since the coronavirus pandemic hit, as worries about&nbsp;economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower.

The dollar touched an 18-month high against the yen in Asian hours and&nbsp;stayed steady at over a 10 month high versus other major peers after&nbsp;overnight gains, boosted by a recent run up in U.S. Treasury yields, which had also helped spook US. equity markets.

Doubts are re-emerging over the global recovery at a time when&nbsp;the US&nbsp;Federal Reserve is set to taper stimulus and the administration of US&nbsp;President Joe Biden is stuck in contentious debt ceiling negotiations that could lead to a government shutdown. At the same time, China is grappling with a power crunch that has impacted economic output there.

MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.84% and was heading for a 9.4% decline for the third quarter, its worst quarterly performance since the first three months of 2020, when markets globally were roiled by the initial spread of COVID-19.

There were declines in benchmarks in South Korea, down 1.3%, Australia off 1.2%, and in Chinese blue chips which shed 0.6%%, though Hong Kong bucked the trend rising 0.5%.

Japan`s Nikkei shed 2.12% following declines in the US overnight as the country`s ruling party votes for a new leader who will almost certainly become the next prime minister ahead of a general election due in weeks.

Futures suggested a risk friendlier mood could return later with US&nbsp;stock futures, the S&amp;P 500 e-minis, up 0.51%, pan-region Euro Stoxx 50 futures 0.36% higher and FTSE futures trading just above flat.

One factor sapping the mood in Asia was China`s worsening power crunch, which pushed investors out of Chinese stocks vulnerable to factory shutdowns including chemicals and steelmaking, even as the country`s all-powerful economic planning agency attempted to reassure residents and businesses.

The energy troubles follows turmoil in China`s property sector as investors closely watch the fate of indebted developer Evergrande, and regulatory changes in education and technology, with some observers suggesting authorities wanted to get the changes in while economic growth was reasonably strong.

"I think the window will close in the next one or two months as GDP may surprise on the downside&nbsp;and there may be employment problems," said Alan Wang, Portfolio Manager, Greater China Equities, at Principal Global Investors.

"When the government sees those numbers they may start to change their behaviour, or maybe extend some deadlines"

Evergrande shares rose 10.8% after it said it plans to sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank, but investors are still waiting to see whether the cash-strapped developer will make an interest payment due Wednesday on a dollar bond.

 
ROTATE TO VALUE

Overnight, all three major US&nbsp;stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks worst hit by the surging bond yields, as investors began to shift to value names.&nbsp;

Benchmark 10-year rates have gained 25 basis points in five sessions but inched down in Asian hours to 1.5392%, having hit their highest since mid-June the day before.

"We think (10-year Treasury yields) are likely to around 1.5% to 1.75%, so they obviously still have room to go," said Daniel Lam, senior cross-asset strategist at Standard Chartered.

Lam said the rise in yields was driven by the fact the United States was almost definitely going to start tapering its massive asset purchases by the end of this year.

Oil prices dropped having touched a near three-year high the day before. Brent crude fell 1.8% to $77.67 per barrel US&nbsp;crude dipped 1.75% to $73.97 a barrel.&nbsp;

Gold edged higher with the spot price at $1,739.5 an ounce, up 0.4% from the seven-week low hit the day before as higher yields hurt demand for the non-interest bearing asset.

Asian shares lost ground on Wednesday, and were set for worst quarter since the coronavirus pandemic hit, as worries about economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower.

Asian shares lost ground on Wednesday, and were set for worst quarter since the coronavirus pandemic hit, as worries about economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower. The dollar touched an 18-month high against the yen in Asian hours and stayed steady at over a 10 month high versus other major peers after overnight gains, boosted by a recent run up in U.S. Treasury yields, which had also helped spook US. equity markets. Doubts are re-emerging over the global recovery at a time when the US Federal Reserve is set to taper stimulus and the administration of US President Joe Biden is stuck in contentious debt ceiling negotiations that could lead to a government shutdown. At the same time, China is grappling with a power crunch that has impacted economic output there. MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.84% and was heading for a 9.4% decline for the third quarter, its worst quarterly performance since the first three months of 2020, when markets globally were roiled by the initial spread of COVID-19. There were declines in benchmarks in South Korea, down 1.3%, Australia off 1.2%, and in Chinese blue chips which shed 0.6%%, though Hong Kong bucked the trend rising 0.5%. Japan`s Nikkei shed 2.12% following declines in the US overnight as the country`s ruling party votes for a new leader who will almost certainly become the next prime minister ahead of a general election due in weeks. Futures suggested a risk friendlier mood could return later with US stock futures, the S&P 500 e-minis, up 0.51%, pan-region Euro Stoxx 50 futures 0.36% higher and FTSE futures trading just above flat. One factor sapping the mood in Asia was China`s worsening power crunch, which pushed investors out of Chinese stocks vulnerable to factory shutdowns including chemicals and steelmaking, even as the country`s all-powerful economic planning agency attempted to reassure residents and businesses. The energy troubles follows turmoil in China`s property sector as investors closely watch the fate of indebted developer Evergrande, and regulatory changes in education and technology, with some observers suggesting authorities wanted to get the changes in while economic growth was reasonably strong. "I think the window will close in the next one or two months as GDP may surprise on the downside and there may be employment problems," said Alan Wang, Portfolio Manager, Greater China Equities, at Principal Global Investors. "When the government sees those numbers they may start to change their behaviour, or maybe extend some deadlines" Evergrande shares rose 10.8% after it said it plans to sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank, but investors are still waiting to see whether the cash-strapped developer will make an interest payment due Wednesday on a dollar bond. ROTATE TO VALUE Overnight, all three major US stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks worst hit by the surging bond yields, as investors began to shift to value names. Benchmark 10-year rates have gained 25 basis points in five sessions but inched down in Asian hours to 1.5392%, having hit their highest since mid-June the day before. "We think (10-year Treasury yields) are likely to around 1.5% to 1.75%, so they obviously still have room to go," said Daniel Lam, senior cross-asset strategist at Standard Chartered. Lam said the rise in yields was driven by the fact the United States was almost definitely going to start tapering its massive asset purchases by the end of this year. Oil prices dropped having touched a near three-year high the day before. Brent crude fell 1.8% to $77.67 per barrel US crude dipped 1.75% to $73.97 a barrel. Gold edged higher with the spot price at $1,739.5 an ounce, up 0.4% from the seven-week low hit the day before as higher yields hurt demand for the non-interest bearing asset.

Asian shares stumble while the dollar holds firm

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