“Things had gotten too pessimistic,” said Jun Bei Liu a portfolio manager at Tribeca Investment Partners in Sydney, of recent gains. Heavy drops in U.S. tech giants perhaps signal enough bad news is now already in the price, she said.
Chicago wheat futures leapt more than 8 percent to a two-week high of $8.93 a bushel in early trade, before settling back to $8.75, after Russia’s withdrawal from a deal to allow Ukrainian grain shipments to reach global buyers. The resignation of the chair of Beijing-based property developer Longfor Group also unnerved investors, with shares dropping 20 percent in Hong Kong and the sector under pressure.
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