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HK & China Equities Lower As Tech Sells Off, Walmart To Sell JD.com Stake

ASIA STOCKS
  • Chinese and Hong Kong equities are underperforming wider markets here in Asia today, driven primarily by losses in the technology sector. We are off earlier lows with HS China Enterprises Index down 1.20%, while the HSTech Index is trading 2% lower, led by a 12% plunge in JD.com following Walmart Inc.’s plans to sell its stake. Other tech stocks, including Kuaishou Technology and XPeng, also suffered sharp declines due to disappointing earnings and concerns about China's economic recovery. Mainland China’s CSI 300 Index fell 0.7% earlier but has since pared losses to trades flat. Investors remain cautious as concerns over foreign investments grow, and recent tech earnings have done little to bolster confidence.
  • The Chinese EV market faced a downturn, following reports that the EU will go ahead with plans for tariffs on vehicles shipped from China, although the tariffs are below the initial rate that was proposed which was as high as 48% with MG maker SAIC Motor, Volvo parent Geely and BYD each facing additional duties of 36.3%, 19.3% and 17%, respectively, while Tesla will face 9% tariff on vehicles coming from China. Additionally, Xpeng had weak earnings numbers and missed estimates.
  • In the property space, China is considering allowing local governments to issue special bonds to buy unsold homes in an effort to address the ongoing real estate crisis, though past rescue attempts have faced significant hurdles. Despite these measures, skepticism remains as new-home sales continue to decline, and analysts doubt the sufficiency of current efforts to reverse the market downturn. The market also hasn't seen much of a bounce with the Mainland Property Index down another 1.50%, and trades at all time lows, while HS Property Index is 1.30% lower, while the CSI 300 Real Estate Index is off 0.90%
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