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Why Canaan Shares Are Falling

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Canaan Inc – ADR CAN shares are buying and selling decrease by 5.22% to $3.72 throughout Monday’s buying and selling session. Canaan shares are buying and selling decrease in sympathy with the worth of Bitcoin BTC/USD Monday afternoon, which is down roughly 5.6% since Saturday afternoon.

Canaan, which additionally sells built-in circuit (IC) closing mining tools merchandise for crypto mining within the Folks’s Republic of China, can also be down on worse-than-expected financial information. Shares of Chinese language corporations at giant are buying and selling decrease after July manufacturing facility exercise pulled again from June ranges. Alibaba’s current addition to an SEC delisting watchlist has additionally presumably weighed on US-listed Chinese language shares.

The South China Morning Publish on Sunday reported China’s manufacturing facility exercise unexpectedly fell in July, regardless of indicators of current restoration nationwide.

China’s official manufacturing buying managers’ index (PMI) fell from 50.2 in June to 49 in July, in accordance with information launched by the Nationwide Bureau of Statistics, the South China Morning Publish reported. A determine beneath the 50-mark signifies contraction… Read More

See Additionally: Royal Caribbean Group Shares Are Falling: What’s Happening?

In response to information from Benzinga Pro, Canaan has a 52-week excessive of $11.19 and a 52-week low of $2.56.

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