China's Growth Disappointment Is Moving Stocks Monday: Tencent, PDD Holdings And Luxury Goods
Portfolio Pulse from Piero Cingari
China's Q2 2023 economic growth of 6.3% YoY missed the market's projected 7.3% rise, causing a negative impact on U.S.-listed Chinese equities and sectors linked to Chinese growth. Commodities like copper, gold, and silver fell, while Chinese ADRs Tencent Music Entertainment Group (TME) and PDD Holdings (PDD) declined by 5% and 3% respectively. Alibaba Group Holding Ltd. (BABA) and JD.com, Inc. (JD) limited their losses to 1.6% and 0.8% respectively. European luxury stocks and materials and mining sector stocks also experienced declines.
July 17, 2023 | 3:09 pm
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NEGATIVE IMPACT
Alibaba Group Holding Ltd. managed to limit its losses to 1.6% despite China's lower than expected economic growth.
Alibaba Group Holding Ltd., as a Chinese company, is affected by the performance of the Chinese economy. Despite the lower than expected growth in China's economy, the company managed to limit its losses.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
JD.com, Inc. managed to limit its losses to 0.8% despite China's lower than expected economic growth.
JD.com, Inc., as a Chinese company, is affected by the performance of the Chinese economy. Despite the lower than expected growth in China's economy, the company managed to limit its losses.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
PDD Holdings' stock declined by 3% following China's lower than expected economic growth.
PDD Holdings, being a Chinese company, is directly affected by the performance of the Chinese economy. The lower than expected growth in China's economy has resulted in a decline in the company's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tencent Music Entertainment Group's stock fell by 5% due to China's lower than expected economic growth.
As a Chinese company, Tencent Music Entertainment Group's performance is directly linked to the Chinese economy. The lower than expected growth in China's economy has led to a decline in the company's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100