Bloomberg Business

A gauge of Chinese stocks listed in Hong Kong wiped out an initial gain in post-holiday trading, as manufacturing data sowed doubts over the strength of the nation’s recovery.

Chegg Inc. plummeted 42% after warning that the ChatGPT tool is threatening growth of its homework-help services, one of the most notable market reactions yet to signs that generative AI is upending industries.

HSBC Holdings Plc’s shares rose after the Asia-focused lender announced a fresh plan to return money to shareholders after reporting first-quarter results that beat estimates.

KWG Group Holdings Ltd. securities tumbled Tuesday after the firm became the latest Chinese developer to default, even as new-home sales gain steam nationally.

BP Plc has paid about $1 billion in UK windfall taxes on profits from its North Sea operations since the levy was introduced less than a year ago.

Electrolux AB rose as much as 10% in early trading on Tuesday on news the Swedish luxury home appliance maker has drawn a takeover approach from China’s Midea Group Co.

Seven & i Holdings Co.’s expertise in food procurement and retail sales, along with the board’s commitment to maximize long-term shareholder value, is the right strategy for the retailer, the company’s directors said in a letter responding to activist fund ValueAct Capital Management LP.

President Joe Biden, following a meeting with Philippines leader Ferdinand Marcos Jr., said any attack on Philippine armed forces or vessels would trigger American defense commitments, a message intended to reassure a key ally in the face of heightened tensions with China.