as businesses around the world scrambled to contain disruptions from a massive technology outage.Biden announced his withdrawal from the 2024 presidential race on Sunday and endorsed Vice President Kamala Harris to take on former President Donald Trump, adding to uncertainties over the future of the world’s largest economy.The Hang Seng in Hong Kong added 0.8% to 17,548.33 and the Shanghai Composite index dropped 0.7% to 2,961.
“Chinese commercial banks’ net interest margins are already at a record lows and non-performing loans have been growing rapidly; rate cuts will likely add to the pressure on Chinese banks.,” Lynn Song of ING Economics said in a commentary. Friday’s moves came as a major outage disrupted flights, banks and even doctors’ appointments around the world. Cybersecurity firm CrowdStrike said the issue believed to be behind the outage was not a security incident or cyberattack and that it had deployed a fix. The company said the problem lay in a faulty update sent to computers running Microsoft Windows.
Crowdstrike’s stock trimmed its loss somewhat through the day, but it still turned in its worst performance since 2022. Stocks of rival cybersecurity firms climbed, including a 7.8% jump for SentinelOne and a 2.2% rise for Palo Alto Networks.
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