Stock Track | Baidu Plummets 5.01% Intraday Amid Weak Chinese Economic Data and Xi's Growth Warning

Stock Track12-16 04:24

Baidu's stock (BIDU) plummeted 5.01% during intraday trading on Monday, reflecting broader concerns over China's economic slowdown and policy direction.

The decline followed disappointing November economic data, including retail sales growth slowing to 1.3% (the weakest since 2022) and a 2.6% year-over-year drop in fixed asset investment. Additionally, President Xi Jinping's remarks at an economic conference criticized "reckless" growth and hinted at reduced government stimulus, further dampening investor sentiment.

Other Chinese tech stocks, such as Alibaba and JD.com, also fell, with the Hang Seng Index dropping 1.3%. Analysts noted that Xi's comments signaled a potential lack of immediate economic support, exacerbating market worries.

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