The perfect Storm is happening today.
1. The Biden administration is considering imposing tougher sanctions on China’s largest chipmaker, according to people familiar with the situation, building on an effort to limit the country’s access to advanced technology.
2. FED will report on the speed of tapering and rate hikes for this year and the next 2.
3. High inflation and a lot of uncertainty. Investors are taking money of the stock market and waiting.
Alibaba (BABA), Baidu (BIDU), Tencent (TCEHY, 0700), NIO, XPeng (XPEV) and Li Auto (LI) are just some of the stocks dropping this week.
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Chinese Stocks FALLING! Time to BUY? Alibaba, Baidu, Nio, Tencent, Xpeng