Chinese tech stocks, including Alibaba, tumble due to slower economic growth and deflationary pressures

From Benzinga: 2024-07-15 06:59:53

Alibaba and other Chinese tech stocks drop as China’s economy grows slower than expected in Q2. Retail sales slow as deflationary pressures force price cuts on cars, food, and clothing. Property crisis worsens, hindering economic recovery. Analysts expect more policy easing to counteract slowdown. China’s 2024 growth forecast reduced to 4.9%. Market rebounds on stimulus expectations. Consumers cautious about spending, central bank pledges supportive monetary policy. BABA shares down 2% to $78.05 in premarket trading.



Read more at Benzinga: Alibaba, Chinese Tech Stocks And EV Stocks NIO, XPeng, Li Auto Tumble After Disappointing Economic Report – Alibaba Gr Hldgs (NYSE:BABA), XPeng (NYSE:XPEV)