Aug 23, 2018

Alibaba rallies after losing streak for Chinese tech stocks

Alibaba Group Chairman Jack Ma. Photo: Liu Guanguan/China News Service/VCG via Getty Images

Alibaba's stock jumped about 3% in pre-market trading after the Chinese e-commerce giant beat analysts' expectations in its latest earnings report with a 61% jump in revenue compared to the same quarter last year.

The big picture: Alibaba's market boost comes as Chinese tech stocks are getting clobbered across the board. Social media giant Tencent and Alibaba's homegrown e-commerce rival, JD.com, both saw share prices fall after narrowly missing earnings expectations. And Baidu's stock is suffering in part due to rumblings that Google may be trying to get back into the Chinese market.

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Alaska becomes latest state to issue coronavirus stay-at-home order

Data: Axios reporting; Map: Danielle Alberti/Axios

All Alaskans in the state are under a mandate to "remain at their place of residence and practice social distancing" except for those engaged in essential services, including health care and government functions.

The big picture: This is the latest state to announce policies to enforce social distancing. More than 1.5 billion people worldwide were asked to stay home Monday.

Go deeperArrowUpdated 8 mins ago - Health

Hungary's Viktor Orbán granted sweeping powers amid coronavirus crisis

Viktor Orbán. Photo: Michal Cizek/AFP via Getty Images

Hungary's parliament passed a law Monday to allow Prime Minister Viktor Orbán almost unlimited power, for an indefinite period, to fight the coronavirus outbreak.

Why it matters: Hungary has taken a sharply authoritarian turn over the past decade under Orbán, and its likely that he and other strongman leaders around the world will seek to maintain powers they gain during the current crisis long after it's over.

Go deeperArrow43 mins ago - World

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:30 a.m. ET: 737,929 — Total deaths: 35,019 — Total recoveries: 156,507.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 9:30 a.m. ET: 143,055 — Total deaths: 2,513 — Total recoveries: 4,865.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. Trump latest: The president brushed aside allegations that China is spreading misinformation about the origin of the coronavirus on "Fox & Friends."
  5. Business updates: Americans are calm about their retirement savings despite coronavirus fallout.
  6. World updates: Israeli Prime Minister Benjamin Netanyahu will self-isolate after an aide tested positive for coronavirus.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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