VNET Group, a leading Chinese internet and data center services provider, saw its stock soar 5.08% in the pre-market session on Tuesday.
The sharp surge in VNET's share price initially came after the company's American Depositary Receipts (ADRs) traded in the US jumped 5.01% in the 24 hours leading up to Monday's trading session. However, the stock subsequently tumbled 16% in early Monday trading amid a broader selloff in Asian equities due to concerns over economic growth and potential trade tensions.
The market volatility reflects investor worries about slowing global growth and the impact of escalating trade disputes between the US and its major trading partners. The S&P Asia 50 ADR Index tracking Asian companies traded in the US slid 2.64% lower on Monday as these macroeconomic factors weighed on sentiment.
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