Midnight! China's Golden Dragon Index fell more than 4% as Chinese stocks plunged!
1min read Following the plunge in the Asian-Pacific market during the day, Chinese stocks fell collectively in the evening. The US stock market also experienced a slight plunge.
Chinese stocks plummet
After opening red, the US stock market plunged. Chinese stocks fell collectively, with JD down over 6%, Tencent Music down nearly 8%, Tencent Music released its 2024 Q3 report ended September 30: total revenue was Rmb7.02bn, up 6.8% YoY. Net profit was Rmb1.71bn, up 35.3% YoY. Under non-IFRS, net profit was Rmb1.94bn, up 29.1% YoY.
Pi Car fell over 5.7%, Neta Auto, Li Auto, Baidu also fell over 4%.
While the Nasdaq China Golden Dragon Index fell over 4%.
The decline of Chinese stocks was mainly affected by the collective decline of the Asian-Pacific market during the day.
On November 12, the Asian-Pacific market was green all over, with the indexes of Japan, South Korea, Singapore and other places falling.
The A-share market also rebounded and fell, with the Shanghai Composite Index backtesting the 3400-point support, and the CSI 50 Index also probing 2700 points, and the GEM Index regaining and losing 2400 points.
On the Hong Kong stock market, the Hang Seng Index fell 2.84% and broke the 20,000-point barrier, reporting 19846.88 points; the Hang Seng Technology Index fell 4.19% to 4456.86 points, and the Hang Seng China Enterprise Index fell 3.11% to 7127.14 points.
In addition, due to the strong US dollar, the continuous decline of the RMB in recent days also affected the trend of Chinese assets.
The European market, the indexes of Britain, France and Germany fell.
Gold and silver rebounded. The World Gold Council believes that gold still has fundamental support. If the price of gold falls, it is expected that it will not develop into a rout. The negative reaction of gold to the election results of the United States and the continuous rise of bond yields and the US dollar is only a short-term phenomenon.
"Trump trade" cools down
The "Trump trade" continued to decline in the evening, and after experiencing a big rise and approaching 90,000 US dollars, Bitcoin fell. As of the time of writing, Bitcoin has fallen below 87,000 US dollars, and Coinglass data shows that over 280,000 people have been bankrupted in the past 24 hours.
And Tesla also fell, down nearly 3% as of the time of writing. Last night, Tesla rose
