November 22, 2024 at 1:55AM EST -- A selloff in Chinese stocks deepened on Friday afternoon, as disappointing tech earnings hurt sentiment already weakened by concerns over Donald Trump’s imminent return.
The retreat extends the market’s slide since an October peak, underscoring growing frustration over the pace of Beijing’s fiscal stimulus rollout and jitters over a potential escalation in US-China tensions. The disappointing earnings from consumption bellwether PDD Holdings Inc. and online search company Baidu Inc. have further dented confidence, with the latter’s shares briefly plunging 10% in Hong Kong following a decline in revenue.
The statement from Texas has affected “sentiment especially when the market is lacking momentum,” said Steven Leung, an executive director at UOB Kay Hian Hong Kong. Investors have also “found nothing has improved from property and equity to consumption — also no positive surprise from corporate earnings.’
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