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FTSE 100 shrugs off Chinese sell-off

by LLB Editor
13th Sep 21 11:09 am

The FTSE 100 started the week with solid gains despite fresh turmoil in Asia as the Chinese crackdown on the tech sector showed little sign of ending, says AJ Bell investment director Russ Mould.

“News that Beijing is looking to break up Ant Group’s Alipay hit the wider Hang Seng index which was down more than 2% but UK investors seem to have decided this news has little relevance to them for now.

“It’s hard to read the end-game as the regulatory pressure on Chinese firms continues to mount and this uncertainty is proving extremely damaging to the valuation of the likes of Alibaba and Tencent.

“Further setbacks could see sentiment towards this part of the market turn decidedly toxic.”

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