By Brian Swint

Chinese markets had another rough day on Wednesday as traders grew more disappointed with efforts from the country's government and central bank to get its economy back on track.

That was carrying through to American depositary receipts of big-name Chinese firms. Retailers Alibaba and JD.com were falling 2.8% and 4.3%, respectively, in the premarket. Technology company Baidu was down 2.9%, and electric vehicle maker NIO declined 2.4%.

The Chinese stock market has been up and down over the past few weeks. A barrage of stimulus measures, including interest-rate cuts and funds for companies to buy back shares, were announced in September before the country entered the Golden Week holiday. But since workers returned to the office, stocks have been tanking.

There was a new hope on Wednesday as the finance ministry said it would hold a media briefing on Saturday. Earlier in the week, another government unit disappointed investors with its plans for additional spending to give the economy a boost.

The Shanghai Composite index finished 6.6% lower on Wednesday. The Hang Seng in Hong Kong dropped 1.4%, while the CSI 300 retreated 7.1%.

Write to Brian Swint at brian.swint@barrons.com

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October 09, 2024 08:10 ET (12:10 GMT)

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