Asian stocks falter as global growth fears temper tech boost

Mabel R. Acton

By Andrew Galbraith and Suzanne Barlyn

(Reuters) – Asian shares wobbled in a choppy session on Friday as abysmal economic data from the United States and rising global COVID-19 cases weighed on sentiment, despite strong U.S. tech earnings and signs of manufacturing recovery in China and Japan.

The U.S. dollar was also set for its worst month in a decade amid expectations the Fed will maintain its ultra-loose monetary policy for years.

U.S. GDP collapsed at a 32.9% annualized rate in the second quarter, the deepest decline on record, while jobless claims rose last week, adding to signs the momentum

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Global prospects dim for China’s tech champions as great powers clash

Mabel R. Acton

SHANGHAI/BEIJING (Reuters) – Huawei Technologies’ founder Ren Zhengfei’s global ambitions are marked in bricks and mortar at a new company campus in southern China, where the buildings are replicas from European cities.

Zhang Yiming, founder of ByteDance, the operator of short video app TikTok, has plastered his Beijing headquarters with posters including a cover of former Google CEO Eric Schmidt’s book “How Google Works”, and has long said he will build a global firm that can compete with U.S. tech giants.  

But the two companies which best exemplify China’s ambitions to challenge U.S. tech dominance are now stymied by strains

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