The Direxion Daily FTSE China Bull 3X Shares (YINN), an exchange-traded fund (ETF) that tracks Chinese stocks, experienced a significant plunge of -6.97% on October 14th, amid growing concerns over slowing economic growth and escalating trade tensions impacting China.
The selloff in YINN was part of a broader decline in Chinese stocks and American Depositary Receipts (ADRs) trading in the U.S. markets. Companies like Bilibili, XPeng, JD.com, NIO, Baidu, and Alibaba all witnessed substantial drops ranging from 2% to over 4% in overnight trading sessions.
One of the primary factors contributing to the negative sentiment surrounding Chinese equities was the recent data showing that China's outbound shipments grew by just 2.4% year-on-year in September, missing expectations and marking the slowest pace since April. The weak export growth could reflect broader economic challenges in China and could negatively impact Chinese companies heavily reliant on global trade.
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