Asian shares slip as Fed signals ‘downshift’ in economy

 Asian shares slip as Fed signals ‘downshift’ in economy

On Wednesday, Chinese regulators summoned gaming companies including Tencent Holdings and NetEase Inc. and urged them to protect the physical and mental health of children, state media reported.

In another development, ratings agencies say Evergrande Group, one of China’s biggest real estate developers, looks increasingly likely to default on its debts following news reports it will delay interest payments on bank loans. The company is selling assets to raise cash and faces complaints it is late in paying contractors and in delivering projects to customers.

Ratings agencies Moody’s and Fitch cut their ratings on Evergrande debt this week to a level that indicates they believe the company is likely to default on bond payments due to lack of cash. Chinese authorities are trying to reduce high debt levels in the economy and have urged Evergrande to resolve its more than $300 billion in debt, but financial analysts to…

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