Singles’ Day Sales Cast Light on China Tech Earnings Amid Weak Domestic Growth
- Alibaba, Tencent, JD.com report as Chinese consumers struggle
- Japanese lenders announce results after BOJ bond yield setback
An advertisement for the Singles' Day shopping event at a subway station in Shanghai on Nov. 4.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Earnings for China’s tech giants will shed light on how the country’s consumers fared in a fragile economy, supplemented by a more immediate indicator as the Singles’ Day shopping extravaganza wrapped up earlier last weekend.
China slid back into deflation in October — consumer prices fell 0.2% after hovering near zero for two months — highlighting the country’s struggle to shore up growth through domestic consumption. That’s despite economic growth of 4.9% year-on-year in the third quarter.