Nike dropped on Xinjiang cotton statements

Nike dropped on Xinjiang cotton statements

What happened?

Such big brands as H&M and Nike are facing a boycott in China after they have expressed concerns about cotton produced in Xinjiang. It’s said that the human rights of Uyghurs and other Muslim minorities were violated in the region in the so-called "re-education" camps. Thus, large brands went up against the use of forced labor for cotton production in Xinjiang. Actually, this story has started almost a year ago, but only this week it provoked hype.

What is China’s response?

China’s state broadcaster CCTV blamed H&M, Nike, and other brands by saying: "earning big profits in China but attacking the country with lies at the same time". While US-based companies are stopping getting cotton from Xinjiang, Chinese companies in contrast have begun advertising their use of cotton made in Xinjiang. 

Market reaction

Nike dropped to lows unseen since November of the last year. The price has approached the 200-day moving average of $124.00. If it manages to break below this level, the way down to October’s low of 2020 at $120.00 will be open. As we all know, after the big fall inevitably goes the rise. Thus, investors will closely watch for further price movement as the reverse up may come soon. If Nike jumps above the psychological mark of $130.00, the way up to the next round number of $135.00 will be open. 

NIKEDaily.png

Trade stocks in our app FBS Trader!

IMG_20210326_140104.527.jpg

Don't know how to trade stocks? Here are some simple steps.

  1. First of all, be sure you’ve downloaded FBS Trader app or Metatrader 5. FBS allows you to trade stocks only through this software.
  2. Open an account in FBS Trader (the MT5 account in your personal area).
  3. Start trading!

                                                                                                  TRADE NOW

 

Similar

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera