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ASX in the green as China's tech crackdown intensifies

·2-min read
A young man plays a video game and the ASX board
China's video game crackdown has hit the major Chinese tech players and the ASX is set to open higher (Source: Getty)

Good morning.

ASX: The local market is expected to open higher this morning despite the US falling overnight.

Yesterday, shares had their steepest fall since February on the Aussie market as overseas economic concerns nullified plans to ease local lockdowns.

The Aussie dollar is still fairly flat against the USD this morning with AU$1 buying around 73 US cents.

Wall St: The S&P 500 has ended lower after weekly jobless claims fell to a near 18-month low, adding to fears of a slowing economic recovery.

Microsoft, Apple and Amazon each declined in yesterday's session, all three among the stocks weighing most on the S&P 500 and Nasdaq.

Beijing tech crackdown: World share markets have slipped for a third straight day as Beijing took another swipe at its big tech firms.

Chinese tech giants Tencent, NetEase and Alibaba had slumped 6 per cent, 7 per cent and 4 per cent respectively overnight after online gaming chiefs were summoned by authorities to check they are sticking to strict new rules for the sector.

New laws in China have determined that under 18s can only play video games for a maximum of three hours a week, between 8pm and 9pm on Friday, Saturday and Sunday.

7 deadly sins: Want to get the job? You need to avoid these seven deadly cover letter sins which could see you miss out on the role.

Major payment merger: The way you pay could soon change. Three payments providers will be allowed to merge despite concerns charges for electronic transactions could rise as a result.

BPAY, Eftpos and NPP Australia will join forces after the Australian Competition and Consumer Commission (ACCC) allowed the bid.

BPAY allows bills to be paid. Eftpos lets people pay by card. NPP allows real-time payments.

$812 million auction: Sotheby's has announced a brand new auction of a private modern and contemporary art collection featuring Andy Warhol and Pablo Picasso.

The pieces are valued at more than $812 million (US$600 million), with Sotheby’s saying it was the highest estimate ever placed on any collection to come to auction.

The 65 works in the Macklowe Collection represent "an unrivalled ensemble that charts the high points of Western artistic achievement of the last 80 years," Sotheby's said in a press release.

Have a great day.

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