Earnings from Chinese e-commerce giants JD.com and Alibaba have also indicated that consumers remain conservative about spending.
While the early part of the pandemic saw an unprecedented online shopping boom, eager shoppers have been returning to reopened stores.
The collapse of Silicon Valley Bank last Friday has left investors scrambling to identify other regional banks that have similar balance sheet issues.
Markets pulled back from their lows of last week and managed to stage a rebound. But they’re still on track to end February in the red.
Morgan Stanley raised its outlook for China’s economy in 2023 on a rebound in activity that the firm predicts will come earlier and sharper than expected.
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