Alibaba, Chinese Tech Stocks And EV Stocks NIO, XPeng, Li Auto Tumble After Disappointing Economic Report

Quick Summary:

Alibaba Group Holding Limited (NYSE:BABA) and peer Chinese technology stocks are trading lower Monday after China's economy grew slower than expected in the second quarter, with a protracted property downturn and job insecurity stalling recovery efforts.

Alibaba's domestic rivals, including PDD Holdings Inc.(NASDAQ:PDD), Baidu, Inc.(NASDAQ:BIDU), JD.Com, Inc.(NASDAQ:JD) and Bilibili Inc.(NASDAQ:BILI), are trading lower on Monday following the dismal macro report.

The world's second-largest economy expanded by 4.7% from April to June, missing the 5.1% forecast by analysts and marking its slowest growth since Q1 2023.

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Article Details

Author / Journalist: Anusuya Lahiri

Category: Technology

Markets: United StatesChina

Topics: NIO Benzinga Movers PDD Stories That Matter BILI Media BIDU LI US0567521085 BABA Emerging Markets Briefs XPEV News Top Stories AI Generated Tech JD

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-15 @ 10:59:53 (1 days ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 435 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 21626542

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