Mid-Week In China: A Tough Export Climate & More Property Woes Sink Hong Kong Stocks
Portfolio Pulse from Daniel Harrison
Hong Kong shares fell due to fears of a challenging climate for Chinese exporters and property market issues. Chinese exports fell 8.8% YoY in August, with shipments to the US down 9.5%. Shares of Fosun International, Sinopec Shanghai Petrochemical, PetroChina, Alibaba, and CMOC Group were down 1-2%. EV makers BYD, Li Auto, and NIO also saw declines. Real estate sales from China's top 100 developers were down 29.9% YoY in September. China SCE Group defaulted on $1.8 billion of offshore bonds, and China Evergrande Group's shares plunged 12%.
October 04, 2023 | 8:13 pm
News sentiment analysis
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NEGATIVE IMPACT
Alibaba's shares fell amid concerns over Chinese exports.
The company's shares fell due to concerns over the challenging climate for Chinese exporters, which could impact its business.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
BYD's shares fell amid concerns over Chinese exports.
The company's shares fell due to concerns over the challenging climate for Chinese exporters, which could impact its business.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
CMOC Group's shares fell amid concerns over Chinese exports.
The company's shares fell due to concerns over the challenging climate for Chinese exporters, which could impact its business.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
China Evergrande Group's shares plunged 12% on profit-taking by traders.
The company's shares plunged due to profit-taking by traders, indicating a negative sentiment towards the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Fosun International's shares fell amid concerns over Chinese exports.
The company's shares fell due to concerns over the challenging climate for Chinese exporters, which could impact its business.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80