Shares of Chinese e-commerce giant JD.com (JD - Free Report) were up nearly 4.8% in early-afternoon trading Tuesday after investment banking firm Macquarie Group announced that it raised its stake in the company by 6.9% during the second quarter.
The fund’s ownership of JD.com, one of China’s largest online direct sales companies, is up to 718,600 shares after an additional 46,100 shares were purchased earlier this year. Macquarie’s holdings of JD were worth about $15.26 million at the end of the most recent quarter.
JD’s largest domestic competitor, Alibaba (BABA - Free Report) , was also up on Tuesday afternoon, while its U.S. rival Amazon (AMZN - Free Report) remained relatively flat. While no exact numbers have been released yet, many investors are getting the sense that this year’s Cyber Monday was a success around the globe.
Heading into the holiday season, the focus will remain on the retail giants of the world, however, domestic like companies like Amazon and Walmart (WMT - Free Report) have more at stake given the nature of their customer bases.
Questions remain about the overall health of the global economy, and China remains an uncertainty after economic concerns plagued the country’s stock market at the beginning of the year. Although not perfect, several U.S. economic indicators point to domestic shoppers having a little extra cash to spend this holiday (Also read: Q3 GDP Up to 3.2%).
The world’s attention will now turn to the highly anticipated OPEC meeting taking place this week.
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