China's Economic Woes Hit Major Tech Stocks
TL;DR Summary
Shares of Chinese tech giants Alibaba, Baidu, and JD.com fell due to disappointing Q2 economic growth data from China, which reported only 4.7% growth, below expectations. The lackluster performance in consumer spending and retail sales, coupled with a focus on industrial production and exports, has raised concerns about the companies' upcoming earnings and overall market sentiment. Despite recent interest rate cuts and housing sector measures, more stimulus may be needed to revive China's consumer economy.
- Why Alibaba, Baidu, and JD.com Were Down Today The Motley Fool
- China’s leaders face miserable economic-growth figures The Economist
- China’s Economy Slows Sharply as Housing Troubles Squeeze Spending The New York Times
- Explainer: What is China's 'third plenum'? Reuters
- China economy: China posts 4.7% 2Q GDP growth on weak consumption Business Insider
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