https://www.lmtonline.com/news/article/Tech-chills-spill-into-Asia-as-shares-sink-15552066.php?utm_campaign=hpbusiness
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European shares open higher after bleak day in Asia
European stocks and U.S. futures advanced Wednesday after a day of losses in Asia following a sell-off of big technology stocks on Wall Street. Germany's DAX jumped 1.2% to 13,127.44 and the FTSE 100 in London added 1% to 5,987.92. The CAC 40 in France also rose 1%, to 5,024.31. A rebound in U.S. futures augured gains for Wall Street, with the contract for the S&P 500 up 0.9% while the Dow future gained 0.7%. Oil prices also clawed back early losses. Troubles with Astra-Zeneca's coronavirus vaccine trial and simmering China-U.S. tensions were among the factors spooking investors. The pharmaceutical company said it had halted the trial while assessing a single adverse reaction to its COVID-19 vaccine. "At a minimum, the optimism balloon floated by vaccine hopes has sprung a sizable leak," Stephen Innes of AxiCorp. said in a commentary. Some of the weakness in technology shares carried over into Asian trading. Tokyo's Nikkei 225 lost 1% to 23,032.54 and the Hang Seng in Hong Kong dropped 0.6% to 24,468.93. Australia's S&P/ASX 200 tumbled 2.2% to 5,878.60 and the Shanghai Composite index shed 1.9% to 3,254.63. South Korea's Kospi fell 1.1% to 2,375.81. Among big losers in the technology sector were SoftBank Group Corp., which finished 2.9% lower. Alibaba Group Holding's shares lost 2.4% in Hong Kong and semiconductor maker SMIC declined 2%. Talk by President Donald Trump of "decoupling" the U.S. economy from China, as the presidential campaign heats up has been adding to uncertainty as Washington seeks to limit use of U.S. technology by Chinese companies, citing national security concerns. The relationship between the world's two largest economies has been on edge for years, and the antagonism threatens to further undermine global growth at a...
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