24H｜Chinese ADRs Mixed With XPeng Down 6%, Alibaba Down 3%, Bilibili up 6%
U.S. stocks slipped in overnight trading amid much confusion as U.S. officials flagged a delay on tariffs but failed to provide any detail or paperwork on the change, while oil prices slid as OPEC+ opened the supply spigots more than expected.
The United States is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates to take effect on August 1.
Chinese ADRs mixed in overnight trading. GDS Holdings fell 10%; XPeng fell 6%; Alibaba fell 3%; JD.com and NIO fell 2%; NetEase and PDD Holdings fell 1%; while Bilibili rose 6%; Tencent Music rose 3%; Li Auto rose 2%; Baidu rose 1%.
Big tech stocks dropped in overnight trading. Tesla sank more than 6% as Musk announced forming of “America Party“ in further break from Trump. While Nvidia, Apple, and Alphabet fell 0.7%; Amazon fell 0.6%; Meta fell 0.5%.
Most chip stocks fell in overnight trading. TSMC fell 1.6%; Micron, Arm, and ASML fell about 1%; AMD fell 0.9%; Intel fell 0.8%; while STMicroelectronics rose 2%.
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