The Hang Seng dropped 28 points, or 0.1%, to close at 25,774 on Tuesday, reversing early gains led mainly by tech stocks and snapping a four-session winning streak. The decline followed a 3.5% fall in shares of Kuaishou Technology after media reports said the Chinese short-video platform experienced a sudden surge in explicit content due to a cyberattack on Monday. The stock plunged as much as 6%, its biggest one-day percentage drop since October 14, before closing down 3.5%. The company confirmed it had experienced a cyberattack on Monday night and said in a statement on Tuesday that it...
European stocks edged higher on Tuesday, with the STOXX 50 up 0.1% and the STOXX 600 gaining 0.3% to reach a fresh record high, rebounding after a mildly negative session the previous day. The advance was led by the pharmaceutical sector. Shares of Novo Nordisk surged nearly 6% after the company received approval from the US Food and Drug Administration to market an oral version of its obesity treatment, Wegovy, in the US. Other major drugmakers also posted gains, with AstraZeneca rising 0.8%, Novartis adding 0.7%, and Roche up 0.6%. Defensive sectors, including telecommunications and...
Stocks fell slightly on Tuesday after delayed economic data came in well above expectations, signaling that the U.S. economy may be holding up better than originally thought. The Dow Jones Industrial Average traded 53 points lower, or 0.1%. The S&P 500 and Nasdaq Composite traded around the flatline. The Commerce Department reported that the U.S. economy expanded at 4.3% pace in the third quarter, much better than the 3.2% estimate that economists polled by Dow Jones had forecast. The report — which was postponed from its initially planned release date of Oct. 30 because of the...