China is holding back on stimulus - watch these stocks
Juanmonino
A large number of Chinese consumer stocks listed in the U.S. declined in early trading on Tuesday after Chinaâs State Council failed to issue specific support measures and banks offered modest rate cuts. The developments from Beijing seemed to fall short of the stimulus actions investors expected to hear about the State Council to recharge the economy. While there have been hints of support measures for the economy, the timing of an official announcement by the government is now even more unclear.
Notable decliners in Tuesday morning trading included Gaotu Techedu (NYSE:GOTU) -9.25%, TAL Education Group (TAL) -9.05%, Dingdong Limited (DDL) -8.75%, Dada Nexus (DADA) -7.69%, JD.com (JD) -6.33%, XPeng (XPEV) -4.95%, Alibaba (BABA) -4.71%, Kaixin Auto Holdings (KXIN) -4.65%, Luckin Coffee (OTCPK:LKNCY) -4.64%, Hesai Group (HSAI) -3.85%, H World Group (HTHT) -3.27%, Trip.com (TCOM) -2.47%, and Yum China (YUMC) -2.10%.
Large U.S. multinational such as Starbucks (SBUX), Nike (NKE), and Tesla (TSLA) also trade with some expectation that Beijing is likely to take aggressive actions to support the economy.
The stimulus disappointment overrode any enthusiasm over Secretary of State Antony Blinken's two-day Beijing trip at a time when geopolitical tensions are on the rise. The trip included a surprise meeting with Chinese President Xi Jinping. Blinken had earlier met China's top diplomat Wang Yi and Foreign Minister Qin Gang.
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