Chinese tech shares suffer most in global stock market drop

Chinese tech shares are among those that have suffered the most in the most severe decline of the global stock market since the financial crisis in 2008. Global stock markets have seen USD11tr wiped out over the last few weeks. But JP Morgan analysts upgraded a number of Chinese internet giants, including Tencent and Alibaba, to overweight Monday, just two months after causing a stir in the financial market by calling the sector “uninvestable”. Goldman Sachs senior chairman Lloyd Blankfein urged companies and consumers to gird for a US recession, saying it's a “very, very high risk”. He believes, however, that a recession is ‘not baked in the cake”, but there is only a “narrow path” to avoid it.