{"id":640583,"date":"2024-08-28T00:00:00","date_gmt":"2024-08-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/retailer-temus-parent-company-sees-stocks-crash-in-latest-warning-over-struggling-chinese-economy\/"},"modified":"2024-08-28T00:00:00","modified_gmt":"2024-08-28T00:00:00","slug":"retailer-temus-parent-company-sees-stocks-crash-in-latest-warning-over-struggling-chinese-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/retailer-temus-parent-company-sees-stocks-crash-in-latest-warning-over-struggling-chinese-economy\/","title":{"rendered":"Retailer Temu\u2019s parent company sees stocks crash in latest warning over struggling Chinese economy"},"content":{"rendered":"

It\u2019s not been a good week for Temu parent company PDD Holdings: <\/strong>Chinese fast fashion retailer Temu\u2019s parent company PDD Holdings saw its shares fall by a whopping 29%<\/a> during Monday trading on the Nasdaq \u2014 its biggest fall on record that saw its market value dip by some USD 55 bn. Things didn\u2019t get much better for the company yesterday either, with its stock value falling another 4.1% by the end of trading.<\/p>\n

The trigger: <\/strong>The company\u2019s results for the second quarter of the year fell short of market expectations. The company recorded revenues of CNY 97.1 bn \u2014 up 86% y-o-y, but below Wall Street forecasts of CNY 100 bn. The crash came as a shock to global investors, as the company\u2019s long-standing low-pricing strategy was expected to appeal to cost conscious consumers amid ongoing volatility and slowing Chinese consumption.<\/p>\n

The results are \u201cthe latest in a series of red flags\u201d in the Chinese economy<\/strong>, Bloomberg<\/a> writes, pointing to disappointing earnings from a number of Chinese conglomerates over the last period that have also suffered from weak consumer demand in the world\u2019s second largest economy. The \u201cbig issue\u201d is the weakness of domestic consumer demand, Robeco Hong Kong\u2019s Joshua Crabb told Bloomberg. \u201cThe read-across for competition and a weak consumer will be negative for sure.\u201d<\/p>\n

But the volume of the sell-offs may represent an overreaction:<\/strong> The size of the drop in shares was \u201ctoo much of a correction,\u201d CNBC<\/a> quotes China Market Research Group Managing Director Shaun Rein as saying. Rein added that now would be a good time for investors to buy into the stock, emphasizing that the panic was \u201coverblown.\u201d <\/p>\n

This comes at a crucial time for China<\/strong>, which is expected to see its first yearly outflow<\/a> from its bourse since 2016 as overseas fund flows continue to exit the market. The country\u2019s benchmark CSI 300 is down 3.7% for 2024 and is at risk of extending losses into a record fourth consecutive year.<\/p>\n

MARKETS THIS MORNING-<\/p>\n

Asian markers are in the red during early trading this morning<\/strong>, with traders eagerly awaiting Nvidia releasing its much anticipated earnings later today. Korea\u2019s Kospi is down 0.5%, China\u2019s Hang Seng is down 0.3%, and Japan\u2019s Nikkei is down 0.2%.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,363<\/p>\n<\/td>\n

\n

+0.8% (YTD: +22.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.64<\/p>\n<\/td>\n

\n

Sell 48.77<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.65<\/p>\n<\/td>\n

\n

Sell 48.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,182<\/p>\n<\/td>\n

\n

-0.6% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,334<\/p>\n<\/td>\n

\n

-0.2% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,343<\/p>\n<\/td>\n

\n

+0.4% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,626<\/p>\n<\/td>\n

\n

+0.2% (YTD: +18.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE<\/strong> 100<\/strong><\/p>\n<\/td>\n

\n

8,345<\/p>\n<\/td>\n

\n

+0.2% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,899<\/p>\n<\/td>\n

\n

0.0% (YTD: +19.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 79.55<\/p>\n<\/td>\n

\n

-2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 1.92<\/p>\n<\/td>\n

\n

+1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,560.10<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 61,878.50<\/p>\n<\/td>\n

\n

-2.5% (YTD: +46.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.8% at today\u2019s close<\/strong> on turnover of EGP 5.8 bn (56.3% above the 90-day average). Foreign investors were net buyers. The index is up 22.0% YTD.<\/p>\n

In the green: <\/strong>Beltone (+7.3%), GB Corp (+5.2%) and Alexandria Container & Cargo Handling (+3.7%).<\/p>\n

In the red: <\/strong>Mopco (-7.1%), B Investments (-4.3%) and Credit Agricole Egypt (-1.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s market value dropped by some USD 55 bn in one day following the release of its 2Q results<\/p>\n","protected":false},"author":1,"featured_media":640584,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"ada04580-cc9c-4643-9a99-cce4a1e921fc","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2406.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Retailer Temu\u2019s parent company sees stocks crash in latest warning over struggling Chinese economy","related_issue":[640562],"teaser":"The company\u2019s market value dropped by some USD 55 bn in one day following the release of its 2Q results","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.7aeb3df4-9572-4b74-80dc-56022cd38517.mp3"},"yoast_head":"\nRetailer Temu\u2019s parent company sees stocks crash in latest warning over struggling Chinese economy - 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