Shares of technology companies rose as traders appeared willing to take on a little more risk.
China’s leading e-commerce company Alibaba Group posted its first quarterly revenue decline since its listing in 2014, in a sign that its era of explosive growth may be coming to an end. The Hangzhou-based company said its April-June revenue fell 0.1% from a year earlier to the equivalent of $30.7 billion, highlighting the economic pain from China’s strict Covid-19 restrictions.
The decline was small, though still noticeable for Alibaba, which for years has been among China’s fastest-growing technology companies.
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