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·         Asia markets mixed; China tech shares in Hong Kong fall after Didi app suspension

 Shares in Asia-Pacific were mixed in Monday trade as Brent crude futures hovered around $76 ahead of another meeting between OPEC and its allies.

 

Tech shares in Asia were mostly lower. Shares of Chinese tech firms in Hong Kong fell in Monday trade as regulatory fears resurfaced.

 

By Monday afternoon in Hong Kong, Tencent shares fell 3.92% while Alibaba dropped 2.36% and Meituan slipped 5.46%. The broader Hang Seng TECH index in Hong Kong also declined 2.23%.

 

Stocks of Japanese conglomerate SoftBank Group also plunged 5.04% in Monday afternoon trade.

 

The losses came after Chinese regulators claimed SoftBank-backed Didi illegally collected users’ personal data and ordered app stores to stop offering Didi’s app. The move came just days after the ride-hailing giant’s market debut on the New York Stock Exchange.

 

The S&P/ASX 200 in Australia rose about 0.1%. Australia’s retail sales data rose 0.4% in May on a seasonally adjusted basis, final retail trade figures released Monday by the Australian Bureau of Statistics showed. That was higher than the May preliminary result of a 0.1% rise.

 

Mainland Chinese stocks edged higher as the Shanghai composite rose 0.16% while the Shenzhen component hovered above the flatline. Hong Kong’s Hang Seng index fell 0.45%.

 

In Japan, the Nikkei 225 slipped 0.55% while the Topix index shed 0.26%. South Korea’s Kospi climbed 0.38%.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.1% higher.

 

·         European markets edge lower; oil price watched ahead of OPEC+ talks; Morrisons up 11%

European stocks were slightly lower on Monday as markets kept an eye on oil prices ahead of a crunch meeting of the OPEC+ oil-producing alliance.

 

The pan-European Stoxx 600 slid 0.2% in early trade, with auto stocks shedding 0.8% while basic resources climbed 0.9%.

 

·         The next market crash will be worse than 2008, here's how to prepare - Todd Horwitz

 

The stock markets are massively overvalued and are due for a “nasty” correction, said Todd Horwitz, chief market strategist of BubbaTrading.com.

 

“I think we’re setting up for a very nasty correction at some point and I wouldn’t be surprised to see that correction as big or bigger than 2008, 2009,” Horwitz told David Lin, anchor for Kitco News.

 

Horwitz said that this correction is likely to happen even before the Federal Reserve raises rates.

 

The way to protect yourself as an investor is not to sell everything or even short the market, but to hedge your positions with derivatives, he added.

 

Reference: Kitco, CNBC