Chinese ADRs and ETFs Tumbled in Morning Trading; YINN Tumbles over 28%; KE Holdings and Bilibili Sinks over 10%

Tiger Newspress10-08

Chinese ADRs and ETFs tumbled in morning trading; YINN tumbles over 28%; Ke holdings and Bilibili sinks over 10%.

The chairman of China's National Development and Reform Commission Zheng Shanjie said he is "fully confident" the country will achieve its full-year economic and social goals.

But he added: "The downward pressures on China's economy is also increasing".

Mr Zheng's comments came as he announced that China will issue 200 billion yuan ($28bn; £21.5bn) for spending and investment projects by the end of this year.

"The market really expected more. The correction will be even stronger if the data on the Golden Week in terms of consumption is weak," said Alicia Garcia-Herrero, chief economist for the Asia Pacific region at investment bank Natixis.

"The market is reacting to the lack of a real fiscal stimulus. I would not have organised a press conference not to announce anything new."

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Comments

  • neo26000
    10-08
    neo26000
    Market already dropped 1000 points before 10am press conference. So Mr Zheng is only responsible for the subsequent 1k decline. Anyway, this decline is good. Market cannot move up in a straight line anyway 
  • Andrewinho
    10-08
    Andrewinho
    Opportunity!! 👏👏👏👏👏👏
  • 3nn
    10-08
    3nn
    Shorting never felt better this season
  • druvaciam
    10-08
    druvaciam
    What 😮 
  • Xosto
    10-08
    Xosto
    Yoooo[Miser] 
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