Hong Kong Stocks Fall as Alibaba Drops on Canceled Cloud Unit Spinoff Amid New US Chip Export Curbs
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Hong Kong's Hang Seng Index led Asian losses as Alibaba plunged after canceling the planned spinoff of its cloud unit.
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Alibaba called off the cloud unit spinoff due to expanded US restrictions on exporting advanced computing chips to China.
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Asian stocks fell Friday as a rally fueled by expectations of the end of US rate hikes ran out of steam.
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Crude oil prices edged higher but remain in a bear market, down over 20% from recent peaks.
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Equities drifted lower in early trade in Sydney, Seoul, Singapore, Manila, Jakarta and Wellington.