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Sunday, May 5, 2024

Asian shares slip after tech stock slump on Wall St

BANGKOKShares were mostly lower in Asia on Thursday after Wall Street sagged under weakness in tech stocks.

U.S. futures turned higher and oil prices rebounded more than $1 a barrel.

Japan revised upward its GDP data to show the economy contracted less than earlier reported in July-September, in a sign the country weathered its latest big COVID wave with less damage than had been thought.

The Cabinet Office reported Thursday that the economy shrank at a 0.8% annual rate in July-September. That was better than minus 1.2% annual growth reported earlier.

In quarterly terms, the world’s third-largest economy contracted 0.2% instead of 0.3%.

Shares rose in Hong Kong as investors assessed the potential impact of a rollback of many pandemic restrictions on the Chinese mainland.

On Wednesday, rules on isolating people with COVID-19 were eased and virus test requirements…

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