U.S. traded China stocks rally on hopes for stimulus

Tencent Music Entertainment

09/12/2024 17:05

** U.S. traded shares of Chinese companies were rallying sharply
on Monday after China's Politburo was quoted saying it will
adopt an "appropriately loose" monetary policy next year,
representing the first easing of its stance in some 14 years,
alongside proactive fiscal policy to spur economic growth
** Following the remarks, reported by state media Xinhua, ahead
of annual Central Economic Work Conference, stocks jumped in
Asia with Chinese shares in Hong Kong  .HSCE  adding 3%
    ** Optimism extended to the U.S. trading day with Chinese
companies U.S. listed shares rallying: Alibaba  BABA.N  up ~8%,
JD.com  JD.O  gaining 12% and PDD Holdings  PDD.O  rising ~11% 
    ** EV firms Li Auto  LI.O  up almost 11%, Nio  NIO.N 
advancing 13.8% and Xpeng  XPEV.N  rising ~15%
    ** Gaming stock Bilibili  BILI.O  advancing 21%, video
platform iQIYI  IQ.O  jumping 13%, Baidu  BIDU.O  up 9.5% and
Tencent Music  TME.N  up 4.6%, Weibo  WB.O  rising ~9%
    ** Chinese ETFs rise: iShares MSCI China ETF  MCHI.O  up
8.5%, KraneShares CSI China ETF  KWEB.P  gains ~11% and iShares
China Large-Cap ETF  FXI.P  rises ~9%
    ** Casino operators with properties in Macau also rising:
Melco Resorts  MLCO.O  up 8.8%; Wynn Resorts  WYNN.O , Las Vegas
Sands  LVS.N  both up ~3%, MGM Resorts  MGM.N  up ~2%

(Reporting By Sinéad Carew, Lance Tupper)
((mailto:sinead.carew@thomsonreuters.com; +13322191897;))