Asian stocks fell on Friday as U.S.-China tensions persisted and China’s ruling Communist Party ended a top-level meeting without offering details to address economic difficulties. Tech stocks extended losses despite TSMC’s earnings beat.
Oil drifted lower in Asian trade and headed for a second consecutive weekly decline on concerns about Chinese demand and the global economy.
China’s Shanghai Composite index ended up 0.17 percent at 2,982.31 after a choppy session. Hong Kong’s tech-heavy Hang Seng fell 2.03 percent to 17,417.68 on concerns over a renewed trade war between Beijing and Washington.
According to media reports, the U.S. was considering stricter trade restrictions against China, especially the country’s technology and chipmaking sectors.
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First Published: Jul 19 2024 | 4:46 PM IST
