China price wars help spark US$157 billion rout in mainland consumer stocks as Alibaba, Yum China and BYD drag the market

“That’s all symbolic of a very weak consumption environment that includes lack of consumer confidence and weak income growth,” said Ng Xin-yao, an investment director for Asian equities at abrdn. “We are cautious on fourth-quarter earnings across most sectors, and would assume that continues in…

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