Worsening U.S.-China Relations Hurt Tech Companies More Than Other Stocks -- Market Talk

Dow Jones03-14

0910 GMT - Hard and soft technology companies tend to react more negatively to worsening U.S.-China relations, while stocks related to domestic investment and consumption perform better, Goldman Sachs analysts write in a note. The brokerage recently added new variables to its U.S.-China Relations Barometer, a metric it developed in 2020 to quantify the impact of U.S.-China relations on Chinese equities. The data shows Chinese liquor stocks including Luzhou Lao Jiao and Shanxi Xinghuacun Fen Wine Factory tend to outperform when U.S.-China tensions escalate. Offshore stocks including Kuaishou Technology, Meituan and ENN Energy are also among the outperformers. Meanwhile, semiconductor and electric-vehicle companies, such as BYD, Hua Hong Semiconductor, and Sunny Optical Technology, are the top underperformers. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

March 14, 2024 05:10 ET (09:10 GMT)

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The data shows Chinese liquor stocks including Luzhou Lao Jiao and Shanxi Xinghuacun Fen Wine Factory tend to outperform when U.S.-China tensions escalate. Offshore stocks including Kuaishou Technology, Meituan and ENN Energy are also among the outperformers. Meanwhile, semiconductor and electric-vehicle companies, such as BYD, Hua Hong Semiconductor, and Sunny Optical Technology, are the top underperformers. 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The brokerage recently added new variables to its U.S.-China Relations Barometer, a metric it developed in 2020 to quantify the impact of U.S.-China relations on Chinese equities. The data shows Chinese liquor stocks including Luzhou Lao Jiao and Shanxi Xinghuacun Fen Wine Factory tend to outperform when U.S.-China tensions escalate. Offshore stocks including Kuaishou Technology, Meituan and ENN Energy are also among the outperformers. Meanwhile, semiconductor and electric-vehicle companies, such as BYD, Hua Hong Semiconductor, and Sunny Optical Technology, are the top underperformers. 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The brokerage recently added new variables to its U.S.-China Relations Barometer, a metric it developed in 2020 to quantify the impact of U.S.-China relations on Chinese equities. The data shows Chinese liquor stocks including Luzhou Lao Jiao and Shanxi Xinghuacun Fen Wine Factory tend to outperform when U.S.-China tensions escalate. Offshore stocks including Kuaishou Technology, Meituan and ENN Energy are also among the outperformers. Meanwhile, semiconductor and electric-vehicle companies, such as BYD, Hua Hong Semiconductor, and Sunny Optical Technology, are the top underperformers. 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