{"id":12203,"date":"2021-07-26T05:42:37","date_gmt":"2021-07-26T05:42:37","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/07\/26\/european-shares-seen-lower-amid-china-tech-crackdown\/"},"modified":"2021-07-26T05:42:37","modified_gmt":"2021-07-26T05:42:37","slug":"european-shares-seen-lower-amid-china-tech-crackdown","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/07\/26\/european-shares-seen-lower-amid-china-tech-crackdown\/","title":{"rendered":"European Shares Seen Lower Amid China Tech Crackdown"},"content":{"rendered":"
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European stocks are set to open sharply lower on Monday after China ordered Tencent to end exclusive music licensing deals with record labels around the world, a step aimed at tackling the company’s dominance of online music streaming in the country.<\/p>\n

Beijing’s announcement of new rules barring for-profit tutoring in core school subjects to ease financial pressures on families also dented sentiment. <\/p>\n

The policy change also restricts foreign investment in the sector through mergers and acquisitions, franchises, or variable interest entity (VIEs) arrangements.<\/p>\n

U.S.-China tensions also remain on investors’ radar after China lashed out at U.S. policies in a tense start to high-level talks in Tianjin.<\/p>\n

Asian markets<\/span> were mostly lower, with benchmark indexes in China and Hong Kong losing 2-3 percent as shares in Chinese private education companies succumbed to heavy selling pressure. <\/p>\n

Japan’s Nikkei index bucked the weak trend to rise more than 1 percent as traders returned to their desks after a two-day holiday. <\/p>\n

The dollar index eased slightly and the yield on 10-year Treasuries dipped as investors looked ahead to the Federal Open Market Committee (FOMC) meeting this week for clues on the timing of stimulus tapering.<\/p>\n

China’s yuan hovered near one-week low against the dollar as investors await the outcome of a key political meeting in Beijing later this week. <\/p>\n

Oil prices fell in Asian trade as rising COVID-19 cases in parts of Asia and floods in China raised concerns about the recovery of fuel demand. Bitcoin jumped toward $40,000 to extend recent gains. <\/p>\n

Business confidence data from Germany is due later in the day, headlining a light day for the European economic news.<\/p>\n

Across the Atlantic, key U.S. economic data due this week include reports on new home sales, durable goods orders, consumer confidence, second quarter GDP and personal income and spending.<\/p>\n

On the earnings front, Tesla, General Electric, Alphabet, Apple, Microsoft, Boeing, McDonald’s, Pfizer, Amazon, and Exxon Mobil are among a slew of companies due to report their quarterly results.<\/p>\n

U.S. stocks finished at record highs on Friday after tech giants Snap and Twitter delivered better-than-expected earnings. The Dow climbed 0.7 percent, while the-heavy Nasdaq Composite and the S&P 500 both rallied about 1 percent. <\/p>\n

European stocks advanced on Friday as investors reacted to upbeat earnings updates, encouraging economic data and dovish comments from the European Central Bank.<\/p>\n

The pan European Stoxx 600 jumped 1.1 percent. The German DAX rose about 1 percent, France’s CAC 40 index gained 1.4 percent and the U.K.’s FTSE 100 added 0.9 percent. <\/p>\n<\/p>\n

Business News<\/p>\n<\/div>\n