News Analysis
News that Chinese communist leader Xi Jinping would assume a third term in power sent markets into a dive on Oct. 24, marking a broader pessimism that the leader’s policies will have negative consequences for the global economy.
Investors in the Chinese market wiped nearly 10 percent off the value of internet giants Alibaba and JD.com, and 7 percent off Tencent.
Meanwhile, Hong Kong’s benchmark Hang Seng Index fell more than 4.5 percent, and a sub-index of Chinese internet giants listed in Hong Kong and Shanghai tracked a 2 percent fall as foreign investors sold more than $1.3 billion in Chinese shares….