China Markets Close on Sour Note Due to Poor Results
China markets suffer technical breakdown to close the week on a sour note. Much of it was driven by (1) poor 3Q results from $PDD Holdings Inc(PDD)$ $Baidu(BIDU)$ $BIDU-SW(09888)$ and (2) a rampaging US dollar. We now look for indicators to reach oversold levels as I have indicated a few days ago would be possible if corporate results were not up to snuff.
Meanwhile, improvements taking place in real estate market, online retail sales growth at double-digits, NEV sales soaring, domestic brands and benefiting at the expense of foreign ones, and local governments cleaning up balance sheets in preparation for spending in 2025.
$KraneShares Bosera MSCI China A 50 Connect Index ETF(KBA)$ $KraneShares MSCI China All Shares Index ETF(KALL)$ $iShares MSCI China ETF(MCHI)$ $iShares China Large-Cap ETF(FXI)$ $KraneShares CSI China Internet ETF(KWEB)$ $HSI(HSI)$ $HSTECH(HSTECH)$
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