Why Tencent Music Entertainment (TME) Shares Are Falling
Portfolio Pulse from Henry Khederian
Tencent Music Entertainment Group (TME) shares are down 4.99% amid concerns over China's economic recovery following worse-than-expected PMI data and a resurgence of COVID-19 in the country. The official manufacturing PMI dropped to 48.8, indicating a contraction compared to the previous month.
May 31, 2023 | 4:11 pm
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Tencent Music Entertainment shares are down 4.99% due to concerns over China's economic recovery and a resurgence of COVID-19, with PMI data indicating a contraction.
TME shares are directly impacted by the concerns over China's economic recovery and the resurgence of COVID-19 in the country. The worse-than-expected PMI data indicates a contraction in the economy, which may negatively affect TME's business and stock price in the short term.
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