Global Equities Roundup: Market Talk

Dow Jones

06/30

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0435 GMT - Concerns over JD.com's intensifying competition appear overblown to Morningstar's Chelsey Tam despite the Chinese retailer facing a few challenges. The e-commerce company's gross merchandise volume share has dropped 400 bps over 2022-2025 due to gains by Douyin and PDD, which are attracting customers with content-driven shopping and value-for-money positioning, respectively. However, the analyst expects JD.com to cede only a further 300 bps of GMV share by 2035 as Douyin's and PDD's growth slows. While the fulfillment speed of on-demand platforms like Meituan beats JD.com's, its first-party logistics network can serve long-tail demand that many rivals can't, she says. Morningstar cuts its fair-value estimate by 20% to HK$138.00 but notes that JD.com's stock remains undervalued. Shares fall 0.6% to HK$98.45. (megan.cheah@wsj.com)

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June 30, 2026 00:37 ET (04:37 GMT)

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Published exclusively on Dow Jones Newswires throughout the day. \n</p>\n<p>\n  0435 GMT - Concerns over JD.com's intensifying competition appear overblown to Morningstar's Chelsey Tam despite the Chinese retailer facing a few challenges. The e-commerce company's gross merchandise volume share has dropped 400 bps over 2022-2025 due to gains by Douyin and PDD, which are attracting customers with content-driven shopping and value-for-money positioning, respectively. However, the analyst expects JD.com to cede only a further 300 bps of GMV share by 2035 as Douyin's and PDD's growth slows. While the fulfillment speed of on-demand platforms like Meituan beats JD.com's, its first-party logistics network can serve long-tail demand that many rivals can't, she says. Morningstar cuts its fair-value estimate by 20% to HK$138.00 but notes that JD.com's stock remains undervalued. Shares fall 0.6% to HK$98.45. 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Published exclusively on Dow Jones Newswires throughout the day. \n</p>\n<p>\n  0435 GMT - Concerns over JD.com's intensifying competition appear overblown to Morningstar's Chelsey Tam despite the Chinese retailer facing a few challenges. The e-commerce company's gross merchandise volume share has dropped 400 bps over 2022-2025 due to gains by Douyin and PDD, which are attracting customers with content-driven shopping and value-for-money positioning, respectively. However, the analyst expects JD.com to cede only a further 300 bps of GMV share by 2035 as Douyin's and PDD's growth slows. While the fulfillment speed of on-demand platforms like Meituan beats JD.com's, its first-party logistics network can serve long-tail demand that many rivals can't, she says. Morningstar cuts its fair-value estimate by 20% to HK$138.00 but notes that JD.com's stock remains undervalued. Shares fall 0.6% to HK$98.45. 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Published exclusively on Dow Jones Newswires throughout the day.0435 GMT - Concerns over JD.com's intensifying competition appear overblown to Morningstar's Chelsey Tam despite the Chinese retailer facing a few challenges. The e-commerce company's gross merchandise volume share has dropped 400 bps over 2022-2025 due to gains by Douyin and PDD, which are attracting customers with content-driven shopping and value-for-money positioning, respectively. However, the analyst expects JD.com to cede only a further 300 bps of GMV share by 2035 as Douyin's and PDD's growth slows. While the fulfillment speed of on-demand platforms like Meituan beats JD.com's, its first-party logistics network can serve long-tail demand that many rivals can't, she says. Morningstar cuts its fair-value estimate by 20% to HK$138.00 but notes that JD.com's stock remains undervalued. Shares fall 0.6% to HK$98.45.  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Published exclusively on Dow Jones Newswires throughout the day. \n\n\n  0435 GMT - Concerns over JD.com's intensifying competition appear overblown to Morningstar's Chelsey Tam despite the Chinese retailer facing a few challenges. The e-commerce company's gross merchandise volume share has dropped 400 bps over 2022-2025 due to gains by Douyin and PDD, which are attracting customers with content-driven shopping and value-for-money positioning, respectively. However, the analyst expects JD.com to cede only a further 300 bps of GMV share by 2035 as Douyin's and PDD's growth slows. While the fulfillment speed of on-demand platforms like Meituan beats JD.com's, its first-party logistics network can serve long-tail demand that many rivals can't, she says. Morningstar cuts its fair-value estimate by 20% to HK$138.00 but notes that JD.com's stock remains undervalued. Shares fall 0.6% to HK$98.45. (megan.cheah@wsj.com) \n\n\n  (END) Dow Jones Newswires\n\n\n  June 30, 2026 00:37 ET (04:37 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}