Alibaba, Temu Parent PDD Tumble as China's Lack of Fresh Stimulus Disappoints

Investopedia2024-10-08

KEY TAKEAWAYS

Chinese stocks tumbled Tuesday after China reopened after a week-long holiday and disappointed investors hoping for further stimulus measures.
During a key policy meeting, the Chinese government reportedly said it would speed up spending but otherwise didn't offer much new information.
The iShares MSCI China ETF fell more than 11% intraday Tuesday.

Chinese stocks tumbled Tuesday after China reopened after a week-long holiday and disappointed investors hoping for further stimulus measures.

During a key policy meeting, the Chinese government said it would speed up spending but otherwise mainly repeated its previous plans to increase investment and boost help for fresh graduates and low-income groups, Bloomberg reported. Investors had been hoping for a slew of fiscal spending measures to accompany the mainly monetary-focused stimulus announced last month.

The iShares MSCI China ETF (MCHI), which has gained more than a fifth in recent weeks, was down more than 11% intraday Tuesday.

U.S.-listed shares of Chinese e-commerce giants Alibaba (BABA), JD.com (JD), and Temu parent PDD Holdings (PDD) fell around 6%.

Do you have a news tip for Investopedia reporters? Please email us at

tips@investopedia.com

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