Investors heavily exposed to the weak economy of China will watch Alibaba (BABA) this week. It will post results on Feb. 7. The country is suffering from a prolonged factory deflation. Demand is falling as the global economy loses momentum this year.
Foreign firms also cut their foreign direct investments in the country. As a result, producer prices fell for 15 months in a row. Despite the weak macroeconomic conditions, watch JD.com (JD), Tencent (TCEHY), NetEase (NTES), and Baidu (BIDU) following Alibaba’s quarterly results.
In the cryptocurrency sector, Marathon Digital (MARA) risks re-testing its $15 low. Bitcoin (BTC) prices fell sharply in recent weeks, settling at $42,550 on Feb. 6. SoFi will reach the top 30 stocks most traded today. It once had ambitions in crypto platforms. It ended its services in Dec. 2023. Customers need to migrate their crypto account to Blockchain.com. Read more about it here: https://www.sofi.com/invest/buy-cryptocurrency/
In the cyclical mining sector, Alcoa (AA) will try to rebound. It lost 8.99% yesterday. Teck Resources (TECK) fell by 3% and may rebound, while Freeport-McMoRan (FCX) will try to reverse its downtrend. Markets continue to punish these three stocks on fears that China’s economic slowdown will accelerate.
Firms with the biggest market cap, like BHPP Group (BHP), Sherwin-Williams (SHW), Rio Tinto (RIO) and Vale (VALE), will attract bargain hunters today.
