China Goes All In As Beijing Vows To Buy Unsold Properties: Chinese Stocks Rally, Copper Hits All-Time Highs
Portfolio Pulse from Piero Cingari
China's government has introduced aggressive measures to rescue its struggling property market, including easing mortgage regulations and urging local governments to purchase unsold homes. This has led to a rally in Chinese stocks and commodities, with significant gains for real estate developers and tech stocks. Copper prices also hit all-time highs.
May 17, 2024 | 2:37 pm
News sentiment analysis
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POSITIVE IMPACT
Alibaba Group Holdings Ltd (NYSE:BABA) saw a 0.5% increase following China's new measures to support the property market.
Alibaba's stock price increased due to positive investor sentiment following China's aggressive measures to support the property market.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The KraneShares CSI China Internet ETF (NYSE:KWEB) rose 2.7%, reaching its highest level since February 2023, following China's new property market measures.
The ETF saw a significant rise due to positive investor sentiment following China's aggressive measures to support the property market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
PDD Holdings Inc. (NYSE:PDD) experienced a 0.9% rise as a result of China's new property market support measures.
PDD Holdings' stock price increased due to positive investor sentiment following China's aggressive measures to support the property market.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50