Cars on sale / DiDi stock dips after announcing it will delist from the NYSE China-based electric vehicle (EV) makers NIO Inc. NIO, Li Auto LI and XPeng Inc. XPEV recently released their delivery numbers for the month of November. All the three firms recorded a triple-digit percentage increase in their delivery count on a year-over-year basis despite the global chip crisis.
Despite delivering robust delivery numbers, each of the companies closed in the red in yesterday’s trading session. Shares of NIO, LI and XPEV fell 5.5%, 3.4% and 5.6%, respectively, on rising COVID-19 concerns. Investors are understandably rattled by the new strain of the coronavirus, Omicron, which aroused fresh concerns about potential business disruptions in China. While NIO and XPeng currently carry a Zacks Rank #3 (Hold), Li Auto is Ranked #4 (Sell).
Chinese stocks keep dropping Chinese Internet. . .BABA JD PDD VIPS BIDU TME NTES TCOM BILI YY BEKE DADA DIDI
Shares of U.S.-listed Chinese electric-vehicle producers were getting hammered Friday, and it has nothing to do with fundamentals of the EV market.
Instead, it’s a stock listing issue. The fallout seems to spreading to even Tesla (ticker: TSLA).
Investors hate uncertainty. And uncertainty reigns regarding U.S. listings of Chinese stocks. Didi (ticker: DIDI) catalyzed the new round of uncertainty after the company said Friday it plans to de-list from the New York Stock Exchange. That’s just a few months on from the company’s initial public offering.
Didi stock was down about 16%. Shares of NIO (NIO), XPeng (XPEV) and Li Auto (LI) shares also were getting hammered, with shares down roughly 9%, 9% and 14%, respectively. Their drops seem to be roiling stock in EV leader Tesla too, which was down 5.5%.
He dumped his holdings in Meta before the company's shocking 26% plunge in share price earlier this month. Meta lost more than $230 billion in value on February 3, the largest one-day loss in US corporate history, after posting a $10 billion operating loss from its metaverse business. It warned of further hefty losses this year due to the impact of Apple's privacy changes.
Billionaire investor Stanley Druckenmiller's family office ditched its $35.9 million stake in Facebook parent Meta last quarter, suggesting the social media company's shift in focus to the metaverse may not have reflected an immediately bullish opportunity to him.
Druckenmiller's Duquesne Family Office revealed a new stake worth $67 million in Snap, a Securities and Exchange Commission filing from Monday showed.
The New York-based firm, which manages Druckenmiller's personal wealth, disclosed his .
George Soros, the founder of Soros Fund Management, trimmed his positions in Amazon and Alphabet last quarter.
The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come.
The increase in the Fed’s key short-term rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago.
The Fed also announced that it will start reducing its huge $9 trillion balance sheet, made up mainly of Treasury and mortgage bonds. Reducing those holdings will have the effect of further raising borrowing costs throughout the economy.
Fed hikes key interest rate The Federal Reserve, which has kept its benchmark federal funds rate near zero since the coronavirus pandemic disrupted the economy in 2020, has raised the rate for the second time this year to tame inflation.
Key for market key indices bounds for 3%: “A (three-quarters of a point) hike is not something that the committee is actively considering,” he said — a remark that caused stock indexes to jump. Before he spoke, the Dow Jones Industrial Average was up only modestly. By the close of trading, the Dow had soared 930 points, or 2.8% — its best single-day gain since May 2020.
A surge in U.S. stocks and bonds bolstered the outlook for Asia Thursday amid a bout of investor relief after the Federal Reserve raised interest rates as expected while countering fears of super-sized hikes.
US debt has long been considered the safest of safe havens, but Tuesday’s rating cut suggests it has lost some of its luster. The downgrade has potential reverberations on everything from the mortgage rates Americans pay on their homes to contracts carried out all across the world.
The move could cause investors to sell US Treasuries, leading to a spike in yields that serve as references for interest rates on a variety of loans.
Fitch said the decision wasn’t just prompted by the latest debt ceiling standoff but rather “a steady deterioration in standards of governance over the last 20 years” regarding “fiscal and debt matters.”
S&P has maintained its AA+ rating on the US after the 2011 downgrade while Moody’s has kept its AAA rating.
In fiscal year 2022, the US paid $475 billion in interest — or 1.9% of gross domestic product. That amount will nearly triple to $1.4 trillion by 2033, or well over 3% of GDP, according to the CRFB’s analysis of the Congressional Budget Office forecast.
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