Balloon launch causes China’s stock exchanges to fall – Adani is also coming under pressure again

Sydney / Beijing Fears of a tech war following the launch of a suspected Chinese spy balloon in the US are weighing on China’s stock markets. The Shanghai stock exchange fell by around one percent on Monday; the index of the most important companies in Shanghai and Shenzhen lost 1.5 percent. Hong Kong-listed tech giants slipped 3.7 percent. The index in Hong Kong fell 2.2 percent.

“The incident is undoubtedly a negative headline for the market,” said Yuan Yuwei, hedge fund manager at Water Wisdom Asset Management. “The result is an intensified tech war. Both sides are likely to impose more export bans on technology in various industries,” analysts at ING Bank said.