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 economic data from China, which reported only 4.7% growth in Q2, below expectations. Retail sales growth was also weak, indicating a sluggish consumer market. This has raised concerns about the companies' upcoming earnings and the broader economic outlook, despite recent measures by China to stimulate growth.
- Why Alibaba, Baidu, and JD.com Were Down Today Yahoo Finance
- 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.com
- China economy: China posts 4.7% 2Q GDP growth on weak consumption Business Insider
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