Stock Market News

U.S. listings of Chinese stocks edge lower after June CPI data

2023.07.10 07:16


© Reuters

Investing.com — U.S.-listed shares in Chinese companies slipped in premarket trading on Monday, as concerns around the health of the world’s second-biggest economy mount following weaker than anticipated inflation data.

Online retailers JD.com (NASDAQ:) and PDD Holdings (NASDAQ:), as well as web services firm Baidu (NASDAQ:), saw their shares drop by more than 1%. Electric vehicle makers Nio (NYSE:), Li Auto Inc (NASDAQ:) and Xpeng Inc (NYSE:) also dipped.

Meanwhile, e-commerce giant Alibaba (NYSE:) fell by just under 1%, pulling back from a surge in the stock on Friday. The shares jumped by 8% to close out the last trading week after China fined Alibaba’s financial arm Ant Group, a move that some investors interpreted as a sign that Beijing’s long-standing crackdown on the country’s major corporate players may be coming to an end.

On Friday, the announcement helped bolster the Nasdaq Golden Dragon China Index, a gauge of the performance of publicly-traded businesses in the U.S. that have the majority of their operations conducted in China, by 3.2%.

However, sentiment was dented on Monday after the release of the latest inflation data from the National Bureau of Statistics pointed to sluggishness in the country’s post-COVID recovery.

China’s fell by 5.4% annually last month, the sharpest fall since 2015 and steeper than analysts’ estimates of 5.0%, as domestic and foreign demand both weakened.

Additionally, were flat year-on-year due to an accelerating drop in pork prices. The figure, which had been expected to increase by 0.2%, was the slowest since 2021.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,329.35 0.18%
ethereum
Ethereum (ETH) $ 3,414.16 0.39%
tether
Tether (USDT) $ 1.00 0.07%
solana
Solana (SOL) $ 254.75 0.72%
bnb
BNB (BNB) $ 662.64 2.85%
xrp
XRP (XRP) $ 1.49 1.95%
dogecoin
Dogecoin (DOGE) $ 0.431141 1.56%
usd-coin
USDC (USDC) $ 1.00 0.04%
cardano
Cardano (ADA) $ 1.05 2.28%
staked-ether
Lido Staked Ether (STETH) $ 3,413.18 0.39%
avalanche-2
Avalanche (AVAX) $ 44.97 6.39%
tron
TRON (TRX) $ 0.209856 3.37%
stellar
Stellar (XLM) $ 0.524778 9.57%
the-open-network
Toncoin (TON) $ 6.14 4.78%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 3.78%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,041.01 0.58%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,091.28 0.07%
polkadot
Polkadot (DOT) $ 9.19 1.12%
chainlink
Chainlink (LINK) $ 18.33 2.99%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.43 0.01%
weth
WETH (WETH) $ 3,411.35 0.52%
sui
Sui (SUI) $ 3.44 0.64%
pepe
Pepe (PEPE) $ 0.00002 2.34%
near
NEAR Protocol (NEAR) $ 6.90 3.84%
leo-token
LEO Token (LEO) $ 8.67 0.13%
litecoin
Litecoin (LTC) $ 97.60 4.06%
uniswap
Uniswap (UNI) $ 11.48 2.40%
aptos
Aptos (APT) $ 12.52 3.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,590.85 0.54%
internet-computer
Internet Computer (ICP) $ 12.15 3.95%
hedera-hashgraph
Hedera (HBAR) $ 0.144185 4.96%
usds
USDS (USDS) $ 0.999773 0.04%
crypto-com-chain
Cronos (CRO) $ 0.189291 4.50%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.567613 2.22%
ethereum-classic
Ethereum Classic (ETC) $ 29.31 3.02%
render-token
Render (RENDER) $ 8.02 0.79%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.50 1.50%
bittensor
Bittensor (TAO) $ 527.72 2.46%
kaspa
Kaspa (KAS) $ 0.153936 0.60%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.07%
arbitrum
Arbitrum (ARB) $ 0.867142 2.20%
whitebit
WhiteBIT Coin (WBT) $ 24.44 1.24%
bonk
Bonk (BONK) $ 0.000047 1.11%
dai
Dai (DAI) $ 1.00 0.07%
vechain
VeChain (VET) $ 0.042824 2.70%
filecoin
Filecoin (FIL) $ 5.66 4.19%
blockstack
Stacks (STX) $ 2.26 5.65%
cosmos
Cosmos Hub (ATOM) $ 8.66 4.76%
okb
OKB (OKB) $ 56.20 1.72%
mantra-dao
MANTRA (OM) $ 3.69 3.52%