U.S.-listed shares of Chinese companies were headed lower in Tuesday’s premarket action after data showed exports falling sharply in July, suggesting a slowdown in global economic growth. .
China’s exports during July declined by more than expected amid weak global demand, while vehicle sales within the country also fell. Retail sales of passenger cars in July slipped more than 2%, though retail sales of new-energy cars were up nearly 32%.
See also: U.S. stock futures slip after weak China data damps sentiment
American depositary receipts for Chinese internet stocks were falling in Tuesday’s premarket activity, with Huya Inc.
HUYA,
down 5.4%, iQiyi Inc.
IQ,
down 4.2%, Bilibili Inc.
BILI,
off 4.0%, JD.com Inc.
JD,
down 3.5%, Baidu Inc.
BIDU,
down 3.0%, and Alibaba Group Holding Ltd.
BABA,
off 2.8%.
The KraneShares CSI China Internet ETF was down 2.7%.
See also: Oil prices fall after disappointing China trade data
Investors will find out more about the state of the Chinese economy and its impact on e-commerce when Alibaba posts June-quarter results before Thursday’s opening bell. Truist Securities analyst was upbeat in a late July note to clients, writing that he expected the results “to show material improvement with China’s online commerce & service sector more resilient amid [a] recovering macro.”
Shares of Chinese electric-vehicle companies were also declining premarket Tuesday, even as Li Auto Inc.
LI,
reported upbeat financials for its latest quarter.
Read: Li Auto beats on earnings, but stock moves lower
Li Auto’s ADRs were down 5.6% in premarket action, while Nio Inc.’s
NIO,
were down 4.5% and XPeng Inc.’s
XPEV,
were down 4.3%.
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