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Benzinga
Benzinga
World
Adam Eckert

Why Alibaba Shares Are Sliding Today

Alibaba Li Keqiang Alibaba Group Holding Ltd NYSE Covid-19

Alibaba Group Holding Ltd (NYSE:BABA) shares are trading lower Monday after the Chinese government warned of a complicated job situation amid COVID-19 restrictions.

Chinese Premier Li Keqiang referred to China's unemployment situation as "complex and grave" in a statement released over the weekend after data showed the country's unemployment rate climbed to 5.8% in March. China's jobless rate has risen to the highest levels in two years amid ongoing COVID-19 outbreaks. 

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