BUZZ-China ADRs fall as latest domestic stimulus update fails to impress

Reuters
2024-10-14

** U.S.-listed shares of Chinese firms fall premarket as the Saturday news conference in Beijing left investors guessing the overall size of the stimulus package

** Finance Minister Lan Foan reiterated Beijing's broad plans to revive the ailing economy, promising significant increases to government debt and support for consumers and property sector

** China's financial markets have been on a rollercoaster ride since late September when policymakers unveiled stimulus measures

** E-commerce firms Alibaba Group Holding down 1.4%, JD.com down 0.5% and PDD Holdings 1.9% lower

** EV firms Nio slips 1.4%, Xpeng drops 4%

** Gaming stock Bilibili down 2.3%, search engine giant Baidu declines 2.1%, online video platform iQIYI

down 2.3%

** Music streaming company Tencent Music Entertainment Group

falls 1.8%, social media platform Weibo slips 1.6%

** Shanghai Composite closed 2.1% higher, blue-chip CSI300 rose 1.9%, while Hang Seng was down 0.8%

** Chinese ETFs such as iShares MSCI China ETF down 1.2%, KraneShares CSI China ETF drops 2.1% and iShares China Large-Cap ETF declines 1.02%

(Reporting by Sukriti Gupta)

((Sukriti.Gupta@thomsonreuters.com;))

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