Rolling coverage of business and economics news as PepsiCo agreed to sell its Tropicana and juice brands for $3.3bn
Closing summary – US stock indices have reversed gains made at the open and moved into negative territory.
Stocks on Wall Street cut some of their losses after June factory orders data came in higher than anticipated at 1.5%. Despite this, the Nasdaq Composite has dipped into the red, while the Dow Jones and the S&P 500 remain flat.
US Factory Orders (Jun) come in at 1.5%, exp: 1%, prev: 1.7%
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China’s largest social media and video game company Tencent is limiting the amount of time children can spend playing its flagship video game.
Honor of Kings, the world’s top-grossing game for the past two years, is is popular among students, some of whom reportedly play it for up to eight hours a day.
Fears over Chinese regulatory interference aren’t going away, with Tencent the latest stock to slump on chatter about Beijing seeking to wield its power. [Tencent’s shares] are now down by more than a fifth year-to-date as investors reassess their willingness to have exposure to big Chinese names.
Related: China’s Tencent tightens controls for children amid games addiction fears
