Global stocks took a beating on Thursday as a fresh row between Washington and Beijing over U.S. legislation on Hong Kong threatened to undermine their trade talks and delay a “phase one” deal that investors had initially hoped to be signed by now.

Global stocks took a beating on Thursday as a fresh row between Washington and Beijing over U.S. legislation on Hong Kong threatened to undermine their trade talks and delay a “phase one” deal that investors had initially hoped to be signed by now.

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Chinese e-commerce giant Alibaba will raise up to $12.9 billion in its Hong Kong secondary listing and is set to price its shares at HK$176 each, a 2.8% discount to their New York share price, sources with direct knowledge of the matter said.

Alibaba has exercised its full retail tranche, from 2.5% to 10%, in its Hong Kong secondary listing, thanks to oversubscription, three sources with direct knowledge of the matter told Reuters.

Regulators accused Australia’s Westpac Banking Corp of 23 million breaches of anti-money laundering laws, saying the banking giant ignored red flags and for years enabled payments from convicted child sex offenders and “high risk” countries.

Indian shares inched higher on Tuesday, driven by banking and telecom stocks after two major mobile network service providers said they planned to raise tariffs from next month.

Indian shares inched higher on Tuesday, driven by banking and telecom stocks after two major mobile network service providers said they planned to raise tariffs from next month.

Fund manager J.P. Morgan Asset Management upgraded its outlook on global stocks on Monday, pointing to hopes for a breakthrough in Sino-U.S. trade talks, a reduced risk of a U.S. recession and a moderately positive earnings outlook.

Gold prices eased on Monday as optimism grew about U.S.-China trade ties following a report of “constructive talks” over the weekend, while losses were capped by a softer dollar.