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Tech stocks came under pressure

EQUITIES
  • Some notable move lower in the Nasdaq yesterday afternoon, higher yields also not likely helping.
  • Overnight Asian tech didn't fare much better, following the US moves, with the Hang Seng falling as much as 4% overnight.
  • (As per Bloomberg), firms backed by Tencent Holdings Ltd. came under pressure after it pared investment in the sector for a second time in two weeks.
  • The Chinese tech giant cut its stake in Singapore’s Sea Ltd. on Tuesday, selling $3 billion of shares.

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