Alibaba,
Baidu,
and other U.S.-listed Chinese stocks were mixed Tuesday on numbers that showed the country’s economy rebounded at a faster-than-expected pace in the first quarter.
China’s gross domestic product (GDP) rose 4.5% in the first three months of the year; the consensus estimate by FactSet economists was 3.4%.
In midmorning trading, e-commerce giant
Alibaba
(ticker: BABA) was flat and
Pinduoduo
(PDD), now known as PDD Holdings, was up 2.5%. Baidu (BIDU) was down 0.5% andJD.com (JD) was off 0.9%.
Hong Kong-listed Chinese stocks also were mixed as investors digested more economic data, such as industrial output, which missed expectations, and fixed- asset investment growth, which unexpectedly slowed to 5.1% in March.
Shares in
Alibaba
(ticker: 9988. Hong Kong) fell 0.6% in Hong Kong trading,
JD.com
(9618. Hong Kong) slipped 0.6%, and
Tencent
Holdings (700. Hong Kong) was 1.5% down.
The other data released Tuesday highlighted how “uneven” the recovery has been, OANDA analyst Craig Erlam said. Retail sales jumped 10.6% in March, ahead of expectations for a 7.5% rise, as Chinese consumers did their bit to boost the economy.
“The fixed asset investment and industrial production figures were less inspiring, both comfortably falling short of expectations and highlighting the challenges facing the economy this year,” Erlam added.
Write to Callum Keown at callum.keown@barrons.com
Read the full article here
