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Chinese Names Crater as Uncertainties Pile Up
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Chinese Names Crater as Uncertainties Pile Up

A number of Chinese stocks are seeing sharp declines today even as the country begins to step out of the shadows of COVID-19. The latest trade numbers for November indicate exports from China shrank by 8.7% year-over-year and the trade surplus came in much lower than expectations.

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The country’s government is also looking to prop up growth and has slashed the reserve ratio for banks.

Further, while Apple’s much-talked-about self-driving car has been pushed back by a few years, the tech giant is still looking to disrupt the EV industry. Additionally, concerns over a continued aggressive stance by the U.S. Federal Reserve continue to keep markets on the edge.

Today, EV makers NIO (NIO) and XPeng (XPEV) are down 6% and 9% respectively already. Further, tech major Alibaba (BABA) too is also lower by nearly 3.5% today.

 The Direxion Daily FTSE China Bull 3x Shares ETF (YINN) has already tanked 6.4% today.

Related tickers:

  • JD.Com ( JD)
  • Baidu (BIDU)
  • Li Auto (LI)
  • Pinduoduo (PDD)
  • Direxion Daily CSI 300 China A Share Bull 2x Shares ETF (CHAU)

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