Covid restrictions have dampened demand and production in China. Goldman Sachs has downgraded Chinese economic growth into 2023. $NIO stock collapsed 10.3% on Wednesday by claymarkets stocks trading
lowered its guidance on the Chinese economy for 2023. The main reason given was that the government inthrough a good part of next year. This has already resulted in lower output levels, a backed-up logistics industry, and inconsistent supply chains. Goldman now sees China's GDP next year achieving 4.5% growth, down from an earlier projection of 5.3%. At least this figure is still higher than the 3% expected in 2022.. China reported chip manufacturing fall by nearly 25% YoY in August.
The Relative Strength Index has not reached oversold or overbought levels since all the way back in May . This is yet another demonstration that the market is giving short shrift to either bearish or bullish narratives and instead has reduced Nio to a status quo stock. This is quite a distance from 2020 when Nio had its 1,200% breakout.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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