Just as investor angst over U.S. and European banking troubles eases, the potential end of China's multi-year regulatory crackdown on the tech sector is also cheering up markets.
An unprecedented revamp of Chinese tech conglomerate Alibaba Group, which analysts believe to have the blessings of local regulators, pushed up Alibaba's U.S.-listed stock, and then its Hong Kong shares on Wednesday. Companies in China's internet, private education and property sectors have lost billions of dollars in market value in recent years as the country's regulators cracked down on their operations.Although a lacklustre 0.6% rise in Asia's main stock market gauge, led by Hong Kong tech names, shows that animal spirits haven't returned yet, there's hope for investors who have been left licking their wounds from recent market declines, especially in bank and tech stocks.
Global investor confidence remains fragile, with the European Central Bank saying that recent volatility highlights the need for greater regulatory scrutiny.for shares of fundamentally strong regional lenders that were swept up in this month's epic sell-off.showed that U.S. consumer confidence unexpectedly increased in March despite recent financial market turmoil, but Americans still expect inflation to remain elevated over the next year.
Bloomberg News reported that Credit Suisse Group investors are being urged to vote against a share-based transformation award for executives and ratifying the actions of the board of directors and management at the upcoming annual general meeting.against Sam Bankman-Fried, accusing the founder of the now-bankrupt FTX cryptocurrency exchange of paying a $40 million bribe to Chinese officials so they would unfreeze his hedge fund's accounts.to retaliate if U.S.