- The acrimonious exchange during the meeting in Alaska between the diplomats of China and the U.S. sparked concerns among market players that things could get worse.
- Chinese internet stocks and ADRs-heavy ETFs were sold off as the underlying holdings suffered from intense selling.
- Market players were spooked that technology and internet giants like Tencent and Baidu would be subjected to more regulatory scrutiny over their dominance.
- American and European businesses that expressed their rejection of Xinjiang cotton faced consumer backlash, dragging their Chinese partners along with them.
- Block sales, speculated to be a family office or hedge fund was forced to sell down some or all of its holdings, caused a massive sell-off of several Chinese internet stocks.
For further details see:
The Triple Whammy Facing Tencent And Baidu