The Direxion Daily FTSE China Bull 3X Shares (YINN), an exchange-traded fund (ETF) that tracks Chinese stocks, experienced a significant pre-market plunge of over 10% on Monday, October 15th, 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. Major companies like Bilibili, XPeng, JD.com, NIO, Baidu, and Alibaba all witnessed substantial drops, with some stocks shedding over 6% in overnight trading sessions.
One of the primary catalysts for 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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