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.
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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