News Stream – Asia and Australia Markets

(Bloomberg) -- Chinese tech stocks slid as concerns about the Federal Reserve’s aggressive rate hikes and lingering regulatory risks mired the sector’s outlook. Most Read from BloombergApple Ditches iPhone Production Increase After Demand FaltersMacKenzie Scott Files for Divorce From Science Teacher HusbandNord Stream Gas Leaks May Be a New Disaster for the ClimateTrump Refuses to Delay Florida Deposition in Phone-Fraud Case Despite HurricaneGermany Suspects Sabotage Hit Russia’s Nord Stream Pip

German finance minister Christian Lindner said: 'Germany is showing its economic strength in an energy war. Our relief package is effective… we don’t want to follow the UK’s path.'

Global fund managers have been selling U.S.-listed Chinese stocks and the index tracking them is sagging badly, suggesting progress toward resolving disputes over their accounts has not been enough to shake investors' fears about the sector's outlook. As of last Friday, U.S. long-only funds - or funds that do not short stocks - and hedge fund managers were net sellers of such stocks through the third quarter, data from Morgan Stanley strategists showed as of last Friday. Chinese stocks trade in the United States as American Depositary Receipts (ADRs) - U.S. securities that represent foreign shares of a foreign company.

Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? Among the best are Nio, Baidu, Li Auto, Pinduoduo and BYD Co.. China is the world's most-populous nation and the second-largest economy, with a booming urban middle class and amazing entrepreneurial activity.

By Ambar Warrick

Investors on Wednesday piled into US stocks and government bonds, following a rally in UK assets after the Bank of England intervened to calm turmoil in the gilt market. The central bank on Wednesday announced it would buy long-dated gilts in light of the recent “significant repricing” of UK government debt. “Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability,” the BoE said.

The IMF openly urged prime minister Liz Truss to reverse the decision to scrap the top rate of income tax.

By Ambar Warrick

The Bank of England’s chief economist warned it is crucial the Bank of England’s independence is respected as he signalled to volatile markets that significant interest rate rises are on the way in November.

The Bank of England failed to raise rates, but markets doubt governor Andrew Bailey can avoid an emergency meeting amid bets on sterling slide.