China’s recent release of mixed economic data is weighing on U.S.-listed Chinese equities and sectors strongly linked to Chinese growth on Monday.
China’s economy grew 6.3% YoY in Q2 2023, missing the market’s projected 7.3% rise. This marks a jump from Q1’s 4.5% increase.
June 2023 saw industrial production up 4.4% YoY, exceeding the estimated 2.7% boost. Conversely, retail sales grew only 3.1% YoY, its weakest performance since last December, falling short of the 3.2% forecast.
Market Reactions: Chinese ADRs, Commodities, Luxury Stocks In Focus
Commodities and Asian equities were the first assets affected by the data, followed by European luxury stocks and, then, U.S.-listed Chinese stocks.
Copper, a commodity that is extremely susceptible to the country’s growth momentum, fell 2.2% on the day, its worst session since May 10. Gold and silver, two precious metals, fell 0.1% and 0.5%, respectively, following a robust week of gains.
Tencent Music Entertainment Group (NYSE:TME) was the weakest link among Chinese ADRs, falling 5%. PDD Holdings (NASDAQ:PDD) followed with a 3% decline, according to Benzinga Pro data. However, Alibaba Group Holding Ltd. (NYSE:BABA) and JD.com, Inc. (NYSE:JD) managed to limit their losses, with 1.6% and 0.8% declines, respectively.
In the European luxury sector, companies including Hermès International Société (OTCPK: HESAY), and LVMH Moet Hennessy (OTCPK: LVMHF) experienced significant downward pressures, with declines exceeding 3%. The Swiss Compagnie Financière Richemont SA (OTCPK: CFRUY), announced lower-than-expected organic revenue growth in the first quarter, contributing to the stock’s 9% drop.
In the materials and mining sector, Vale S.A. (NYSE:VALE), Rio Tinto Plc (NYSE:RIO), Southern Copper Corp. (NYSE:SCCO), and Freeport-McMoran Inc. (NYSE:FCX) all suffered 2% to 2.7% drops.
Read now: Janet Yellen’s Beijing Visit Triggers Wild Mushroom Craze In China
Photo: Shutterstock
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
