When a top consumer stock suddenly plunges to a historic low, it sends a powerful signal. Shares of ecommerce group JD.com fell 12 per cent on Friday.
On the same day, official data showed China teetering on the edge of deflation. Those figures tell a gloomy story for global investors. Consumer price inflation was flat in September, missing expectations for an increase. Factory-gate prices fell 2.5 per cent, marking the 12th straight month of declines. That intensifies worries about weak demand.
Hopes that Chinese shoppers would embark on a post-lockdown revenge spending spree had already been dashed. Despite Covid-19 curbs having ended at the close of last year, that rebound has not materialised.
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