BUZZ-China ADRs fall as weak August trade data fail to lift sentiment

Reuters2023-09-07

** U.S.-listed shares of Chinese companies fall as China reports monthly decline in imports and exports, although less steep than expected

** Exports drop 8.8% in August year-on-year, beating a forecast of 9.2% in a Reuters poll and off a 14.5% drop in July

** Imports contract 7.3%, slower than an expected 9% decline and last month's 12.4% fall

** U.S. lawmaker calls for ending Huawei, SMIC exports following discovery of new chips in Huawei phones that may violate trade restrictions

** E-commerce firms Alibaba Group Holding , JD.com Inc and Pinduoduo Inc fall between 1.9% and 2.5%

** Gaming stocks Bilibili Inc slides 2.4%, while search engine giant Baidu Inc sheds 2.3%

** EV firms Li Auto Inc , Nio Inc and Xpeng Inc slip between 1.8% and 2.1%

** Music streaming co Tencent Music Entertainment Group

and online video platform IQIYI Inc fall 1.9% and 1.8%, respectively

** Online brokerages Futu Holdings Ltd and UP Fintech Holding Ltd dip 0.8% and 1.5%, respectively

** China ETFs like IShares MSCI China ETF , China Large-Cap ETF and KraneShares CSI China Internet ETF

fall 1.3%-1.8%, while Direxion China CSI Daily Bull 2X

slides 4.1%

(Reporting by Khushi Singh)

((Khushi.Singh@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • phongy 45
    2023-09-19
    phongy 45
    Why??? Good business and why dropping like fallen Blake.... Why why why ... Hope ... traders have confidence in this counter ... tiger tiger tiger ... Roar ..... more good news , more profitable then others ... With good management, me surely will invest more here .... hope dividend will be great .... HOH for all .... 
  • phongy 45
    2023-09-11
    phongy 45
    Chinese companies should leave USA? Before been penalize for been from China! Is USA listing worth the whiles? ... Anytime, at USA market could be sanctions and unreasonably fines for national security reasons etc ... Worth the effort and resources to be there ,??? ... Tiger counter is still a great company, but why not able to move up ? .... Was there any manipulation by some quarters ???? Company is making good money I believe mmm. 
Leave a comment
2
2