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.
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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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