Alibaba shares fall 1.34% intraday as MiniMax, an Alibaba-backed AI firm, files for Hong Kong IPO.

Alibaba Group Holding Limited fell 1.34% in intraday trading. The decline in stock price may be attributed to the overall market sentiment, as European stocks were mixed and Wall Street futures were down due to concerns about U.S. tariffs causing inflation. Additionally, U.S. Treasury yields rose after U.S. consumer price data for June pointed to higher costs for some goods, prompting investors to scale back their expectations for U.S. Federal Reserve rate cuts.