Early Tuesday, China stocks have been taking a beating as the market seems to be correcting. The Shanghai Composite Index has increased roughly 50% within the past six months and it would appear that after this rapid growth the market is correcting — perhaps as it should. Other sources are reporting that profit-taking fueled this fall in prices after the index broke past the 3,000 mark.
Crude oil prices have pushed lower at $63.49 and are potentially acting as a driver for markets across the world. According to the BBC:
Other Asian shares also traded lower on Tuesday, following losses on Wall Street prompted by slumping oil prices and worries about global growth. In the US the S&P 500 closed down 0.7% — its biggest daily percentage drop since 22 October — weighed down by energy shares.
Bloomberg also outlined and highlighted Tuesday’s drop:
While the Shanghai Composite’s 18 percent rally over the past month, the most among 93 global indexes tracked by Bloomberg, is reviving interest in mainland equities after a four-year rout, it’s also drawing out skeptics who say the gains are amplified by borrowed money and don’t reflect the nation’s economic fundamentals.
24/7 Wall St. has collected data on a few of the big movers within the Chinese market.
iShares China Large-Cap (NYSEMKT: FXI) was down 3% to $40.41 in premarket trading Tuesday. The stock has a 52-week trading range of $32.58 to $42.56.
ALSO READ: The Best and Worst Run States in America: A Survey of All 50
Baidu Inc. (NASDAQ: BIDU) was down almost 2% at $223.35. The stock has a 52-week trading range of $140.66 to $251.99.
Alibaba Group Holding Ltd. (NYSE: BABA) was down over 2% at $102.60. The stock has a consensus analyst price target of $120.30 and a 52-week trading range of $82.81 to $120.00.
China Mobile Ltd. (NYSE: CHL) was down about 2% at $59.07. The stock has a consensus analyst price target of $71.98 and a 52-week trading range of $41.35 to $65.55.
China Finance Online Co. Ltd. (NASDAQ: JRJC) was down over 3% at $7.87. The stock has a consensus analyst price target of $8.30 and a 52-week trading range of $2.33 to $11.88.
Looking at the U.S. markets in premarket trading:
- The S&P 500 was down 17.25 points at 2042.25.
- The Dow was down 137 points at 17,714.
ALSO READ: The Best Investments of 2014
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
