In the United States, Chinese stocks are falling ahead of Fed action on inflation; Alibaba and BiliBili are down 10%
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| Chinese stocks are falling ahead of Fed action on inflation |
Many of China's most well-known corporations had their stock prices plummet today on the Nasdaq and the New York Stock Exchange, as part of a broad selloff fueled by concerns about higher interest rates and weaker development in the world's largest economy.
The Nasdaq fell 4.7 percent and the S&P 500 fell 3.9 percent as US stocks entered bear market territory.
The most well-known e-commerce stocks in China have dropped. Pinduoduo fell 9.2 percent to $54.41 and Alibaba fell 10.3 percent to $98.52, both of which were lower than the Nasdaq and S&P 500 indexes.
Fast-growing Chinese electric vehicle manufacturers were also hit hard: NIO dropped 11.8 percent to $15.99 and XPeng dropped 7.2 percent to $23.95.
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