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
