Chinese stock market continue rebound despite e-commerce giant, Pinduoduo (PDD) Holdings (Temu owner) crash, on yesterday session, which is prolonged today, with 4% decline. Today rise in Chinese stocks was driven by electric vehicles stocks such as Li-Auto and Xpeng (ADRs gain 1.5 and 3% today respectively) and tourism; Trip.com stock surged almost 9% today. Futures on China MSCI index (CHN.cash) gains 1.2% today. Surprisingly, not only Trip.com but also PetroChina reported much stronger than expected Q2 financial results.
Pinduoduo (PDD.US, D1 interval)
Today, PDD (PDD.US) loses 4%, signalling that 'dark clouds' around Chinese e-commerce sector are related to PDD Holdings. Tech giants Alibaba and JD.com (JD.US) gains 1% and 2.7% respectively.
Source: xStation5
CHN.cash (D1 interval)
Chinese stock market index continue to rise, despite 'warning signs' in e-commerce sector, as investors await Fed rate cut in September. Macro readings from China signal rebound in consumer demand on vehicles and restaurants.
Source: xStation5
Daily Summary: CPI down, Markets Up
3 markets to watch next week (24.10.2024)
US OPEN: Macroeconomic data sends markets to new heights
BREAKING: US PMI above expectations! 📈🔥EURUSD declines!
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
