Tencent stock falls – sharp decline in Hong Kong stock market – E24

Tencent stock falls – sharp decline in Hong Kong stock market – E24

Tek’s share was sent after a recent draft from Chinese authorities that would help limit so-called “loot boxes” in games.

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This method has been a part of modern gaming for a number of years. Authorities will now have stricter oversight of how players encourage consumers to spend time and money within games. The proposed rules would, among other things, ensure that you are not rewarded for the number of times you log in.

The stock collapsed more than 16 per cent just after 6.30am on Friday, taking Hong Kong’s Hang Seng Index down with it. The index fell 1.40 percent.

This decline results in a loss of more than $54 billion in the company’s market value. The decline is the largest the stock has seen since 2008, Bloomberg writes.

Tencent’s smaller rival, NetEase, is also declining sharply. Shortly after 06.30, the share drops by 22 percent.

Blame the games

Bloomberg also wrote that President Xi Jinping’s administration has long tried to control gaming addiction in the country.

The president believes that the time young people spend in front of screens should be held responsible for the ever-increasing proportion of young people who suffer from myopia, as well as unemployment and the country’s low birth rate.

– This is a blow to the gaming market in China, except for those who sell copies. Companies now need to overhaul their revenue models, including how they make money from different players, Zeng Xiaofeng, vice president of Nikko Partners, told Bloomberg.

Lowest inflation rate in 17 months

Inflation in Japan falls to the lowest level since July 2022.

This is what was shown by the latest figures issued by the Japanese authorities, which were presented on Friday night, Norwegian time. Price inflation was 2.8 percent in November, down from 3.3 percent in October.

The core inflation rate was 2.5 percent. This was fully consistent with initial expectations obtained by Reuters news agency.

Japan’s central bank, like Norway’s, aims to keep inflation at 2 percent.

On Tuesday night, the Japanese central bank decided to keep the key interest rate unchanged at negative 0.1 percent.

Internal disagreement

The interest rate report from October has now been published, and it now shows that there is internal disagreement over how the central bank should communicate the change in how interest rates are managed following the 10-year government bond. American reports CNBC.

The wording of the meeting was that they would remain at 0 percent, but they would raise the upper reference level to 1 percent, which would relax the strict line they were following somewhat.

according to The Financial Times puts ten-year Japanese bonds at 0.62 percent Early Friday morning Norwegian time.

This is how things are going in the markets in the Asia-Pacific region shortly before 06.30 am on Friday:

  • Hong Kong’s Hang Seng Index fell 1.30%
  • The Nikkei 225 index in the Tokyo Stock Exchange rose 0.76 percent
  • The Kospi index in Seoul rose 0.28 percent
  • The Shanghai Composite Index rose 0.43 percent
  • Sydney’s ASX 200 index fell 0.03%.
  • The FTSE Straits Times Index in Singapore rose 0.99%.
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Oil prices are strengthening again

Following news of Angola’s withdrawal from the Angola oil cartel, oil prices rose again after initially falling below $77 per barrel on Thursday.

A barrel of North Sea oil (Brent Sport) is currently trading at $80.05 per barrel. There is an increase of 0.93 percent since midnight.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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