China stocks enter bear market as Asia dips

{"text":[[{"start":8.96,"text":"China’s benchmark stock index entered bear market territory on Thursday as Asian shares were pulled lower by rising oil prices and a warning from a Beijing regulator."}],[{"start":18.44,"text":"The benchmark CSI 300 index dropped 2 per cent to just over 4,000 points and is now down 20 per cent since June, underlining fragile investor confidence in the world’s second-largest economy."}],[{"start":31.76,"text":"Hong Kong’s Hang Seng index was down more than 3 per cent in afternoon trading, with Alibaba falling 6 per cent after a Chinese regulator called for tighter product quality standards and better consumer protection measures on ecommerce platforms."}],[{"start":45.84,"text":"In Tokyo the Nikkei 225 dipped 2.5 per cent, with AI investor SoftBank shedding more than 6 per cent. The company has fallen more than 30 per cent over the past month and is at nearly half the level shares were trading at in June."}],[{"start":61.4,"text":"South Korea’s Kospi fell 4 per cent, bringing its decline over the past month to more than 20 per cent."}],[{"start":null,"text":"

"}],[{"start":68.44,"text":"The MSCI Asia Pacific Index fell more than 1.5 per cent and headed towards its lowest close since late July."}],[{"start":75.96,"text":"Wall Street is set to decline at the open, with Nasdaq futures down 1.3 per cent and S&P 500 futures 0.7 per cent lower."}],[{"start":84.6,"text":"Brent crude gained 2 per cent to about $111 a barrel, while US oil was also higher."}],[{"start":91.28,"text":"Other chip and AI-related stocks also fell in Japan, including Resonac, Lasertec, Kioxia and Tokyo Electron."}],[{"start":98.44,"text":"However, cyber security company Trend Micro gained more than 8 per cent as Japanese companies and the government raced to protect their websites from security flaws exposed in the widely used PHP programming langauge."}],[{"start":111.12,"text":"CATL, the world’s biggest battery maker, fell a further 7 per cent in Hong Kong after a 12 per cent slide on Wednesday following disappointing third-quarter results."}],[{"start":121.48,"text":"Alibaba tumbled after China’s State Administration for Market Regulation (SAMR) recently summoned ecommerce platforms and urged them to enforce stricter product-quality standards."}],[{"start":132.2,"text":"The regulator, which revealed the meeting on Thursday, said the rapid growth of new forms of online shopping, including live-stream shopping, instant retail and social commerce, had made product quality and safety risks more complex and harder to detect."}],[{"start":146.28,"text":"“Problems such as counterfeit and substandard goods, products that do not match their descriptions, and misleading advertising remain common, while efforts to improve quality standards across online platforms continue to face challenges,” SAMR said."}],[{"start":161.16,"text":"Representatives from JD.com, Alibaba’s Taobao and Tmall, Pinduoduo, Xiaohongshu, Kuaishou, Douyin, Dmall, Vipshop and Dewu attended the meeting, according to the statement."}],[{"start":173.76,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1792654267_9666.mp3"}