Why Are Chinese Stocks NIO, Tencent And Alibaba Rallying Today?
Portfolio Pulse from Piero Cingari
Chinese stocks, including NIO, Li Auto, Tencent Music Entertainment, Alibaba, PDD Holdings, and Baidu, rallied following Beijing's announcement of significant efforts to stimulate the economy. China plans to raise the fiscal deficit ratio for 2023 to approximately 3.8% of the GDP, surpassing the traditional 3% cap. This could involve increased public spending or tax reductions, facilitated through the issuance of new government bonds. The iShares China Large-Cap ETF also performed well.
October 24, 2023 | 4:50 pm
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POSITIVE IMPACT
Alibaba's stock price rallied following Beijing's announcement of economic stimulation measures.
Alibaba, being a Chinese-based company, is likely to benefit from the Chinese government's measures to stimulate the economy. This has led to a rally in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The iShares China Large-Cap ETF performed well following Beijing's announcement of economic stimulation measures.
The iShares China Large-Cap ETF, which includes large Chinese companies, is likely to benefit from the Chinese government's measures to stimulate the economy. This has led to a rally in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
NIO's stock price rallied following Beijing's announcement of economic stimulation measures.
NIO, being a Chinese-based company, is likely to benefit from the Chinese government's measures to stimulate the economy. This has led to a rally in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80