After Internet giants including Alibaba fell sharply overnight in Asia, China’s latest regulatory crackdown penetrated the London market on Tuesday.
Fearing that Alibaba and Meituan’s food delivery departments will be affected by regulations that protect workers above the minimum wage, Hong Kong’s Hang Seng Index fell 3%.
The sell-off in the Asian market caused tension in the London market. FTSE 100 The index fell by 1% as traders are also paying attention to the latest meeting of the Federal Reserve, when policymakers will discuss their plans to gradually reduce economic support.
The Scottish Mortgage Investment Trust, one of the biggest victims in London, fell 2% or 25.5p to 1,310p to reflect its holdings in Alibaba, Meituan and Internet giant Tencent, the latter being told to give up its exclusive music After labeling rights fell overnight.
Asia-focused insurance company Prudential fell 31.5 pence to 1,335 pence, while a group of miners including Glencore and Rio Tinto fell 2%.
The FTSE 100 Index fell 55.17 points to 6,969.40. One of the few bright spots came from Croda International. The specialty chemicals company previously reported that its half-year profit increased by 50%, setting a new record.
Its life sciences department provided components for the Pfizer-BioNTech vaccine, which drove its development, and CEO Steve Footz recently described this development as his proudest moment in his 30 years at East Yorkshire.
The strong performance of perfumes and personal care products also means that this year’s profits will greatly exceed City’s expectations, pushing the stock price to a record 8,148p after an increase of 322p or 4%.
Croda announced that it will increase its dividend by 10% to 43.5 pence because it has maintained a record of increasing returns over the past 30 years.
