(MENAFN- Baystreet) Hedge Funds Shift Capital Into European Stocks
Krispy Kreme's Stock Rises 15% On Deal With McDonald's
After Reddit's IPO: Buy or Sell?
Tuesday's Trades: Take-Two, Masimo, GameStop, and More
Today's Biggest Moving Stocks: Super Micro Computer, Boeing, and More Previous Articles Subscribe to Get Small Cap News & Alerts Chris Lau - Tuesday, March 26, 2024
China Slumped: Apple, Starbucks, Tesla, and McDonald's at Risk
While investors watch U.S. stock markets lead global exchanges higher, they are overlooking China's Shanghai Composite Index falling. Last Friday, China's currency fell to lows not seen in four months. The government and state-owned banks had managed to prop the CSI 300 index before the Chinese New Year. To prevent its currency from falling further, banks stepped in to support prices.
The exodus of Western firms, as measured by foreign direct investment collapsing last year, is hurting China's economy. Weak domestic demand is starting to harm Apple (AAPL). CEO Tim Cook plans to visit China. He is reportedly set to reaffirm the company's dedication to its supply chain in the country. So long as Apple customers did not care about where it makes devices, this visit should reaffirm Apple's low-cost production in China.
Tesla (TSLA) cut its output in China, according to Bloomberg News. Workers will have a five-day-a-week schedule, down from 6.5 days. Chinese consumers will likely continue buying fewer Tesla vehicles. Home prices are falling rapidly. Since people have most of their savings in them, the asset decline would result in spending cuts.
Expect consumers to shy away from eating at McDonald's (MCD) and Starbucks (SBUX), too. They will visit local restaurants that charge significantly less.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN26032024000212011056ID1108022646
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.