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CHINA: Companies Concerned Over Weak China Demand

CHINA
EM BulletAPACChinaEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Mercedes, Skechers & Swiss Watches have all raised concerned on China demand over the past 24hrs.

  • Swiss Watches has seen a drop in August exports to China by 5.9% y/y, while HK saw 11.1% drop y/y
  • Skechers Skechers shares fell 9.6% after the company's CFO warned that China sales would face continued pressure for the rest of the year.
  • Mercedes has cut its financial forecast for 2024 due to a rapid deterioration in its business in China. The company now expects its adjusted return on sales to be between 7.5% and 8.5%, down from a prior forecast of up to 11%, and earnings are expected to be "significantly below" last year's level.
  • The slowdown is attributed to China's weakening GDP growth, reduced consumer spending, and a continued downturn in the real estate sector, which has affected overall sales, particularly in the luxury segment. 
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Mercedes, Skechers & Swiss Watches have all raised concerned on China demand over the past 24hrs.

  • Swiss Watches has seen a drop in August exports to China by 5.9% y/y, while HK saw 11.1% drop y/y
  • Skechers Skechers shares fell 9.6% after the company's CFO warned that China sales would face continued pressure for the rest of the year.
  • Mercedes has cut its financial forecast for 2024 due to a rapid deterioration in its business in China. The company now expects its adjusted return on sales to be between 7.5% and 8.5%, down from a prior forecast of up to 11%, and earnings are expected to be "significantly below" last year's level.
  • The slowdown is attributed to China's weakening GDP growth, reduced consumer spending, and a continued downturn in the real estate sector, which has affected overall sales, particularly in the luxury segment.