Hong Kong Stocks Tumble Over Ugly Chinese Housing Data; EV Makers Plunge After Tesla's Earnings Disappointment
Portfolio Pulse from Daniel Harrison
Hong Kong and China stocks fell due to poor economic data from the housing and financial sector. China's housing prices fell the fastest in 11 months, and investment in the housing sector plunged 9.1% in the first 9 months of this year. Country Garden Holdings Limited (OTC:CTRYF) defaulted on US dollar bonds, and its stock fell 3%. Other property firms like China Evergrande Group (OTC:EGRNQ) and Sunac China Holdings Limited (OTC:SNCNQ) also saw their stocks fall. Alibaba Group Holdings Limited (NYSE:BABA), Tencent Holdings Ltd (OTC:TCEHY), and JD.com Inc (NASDAQ:JD) fell due to a larger credit rout. Bank of China Ltd. (OTC:BACHF), China Construction Bank Ltd (OTC:CICHF), and HSBC plc (NYSE:HSBC) fell due to potential LGVF defaults. EV makers like Nio Inc (NYSE:NIO), XPeng Inc. (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) fell due to disappointing earnings from Tesla Inc (NYSE:TSLA).
October 19, 2023 | 5:36 pm
News sentiment analysis
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NEGATIVE IMPACT
Alibaba Group Holdings Limited's stock fell 2.3% due to a larger credit rout.
The larger credit rout directly impacts Alibaba Group Holdings Limited's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Bank of China Ltd.'s stock fell 2% due to potential LGVF defaults.
The potential LGVF defaults directly impact Bank of China Ltd.'s stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
China Construction Bank Ltd's stock fell 2% due to potential LGVF defaults.
The potential LGVF defaults directly impact China Construction Bank Ltd's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Country Garden defaulted on US dollar bonds, causing its stock to fall 3%.
The default on US dollar bonds by Country Garden is a significant negative event that directly impacts its stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
China Evergrande Group's stock fell nearly 4% due to the overall poor economic data from the housing sector.
The poor economic data from the housing sector directly impacts China Evergrande Group's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
HSBC plc's stock fell 2.4% due to potential LGVF defaults.
The potential LGVF defaults directly impact HSBC plc's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
JD.com Inc's stock fell 5% due to a larger credit rout and downgrades earlier this week.
The larger credit rout and earlier downgrades directly impact JD.com Inc's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Li Auto Inc's stock fell 4% due to disappointing earnings from Tesla Inc.
The disappointing earnings from Tesla Inc directly impact Li Auto Inc's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Nio Inc's stock fell over 8% due to disappointing earnings from Tesla Inc.
The disappointing earnings from Tesla Inc directly impact Nio Inc's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Sunac China Holdings Limited's stock fell 4.6% due to the overall poor economic data from the housing sector.
The poor economic data from the housing sector directly impacts Sunac China Holdings Limited's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Tencent Holdings Ltd's stock fell 2.3% due to a larger credit rout.
The larger credit rout directly impacts Tencent Holdings Ltd's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
XPeng Inc.'s stock fell over 8% due to disappointing earnings from Tesla Inc.
The disappointing earnings from Tesla Inc directly impact XPeng Inc.'s stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100