China Stocks Rally: Hang Seng Hits 2023 High—What's Driving the Surge?
"China Dragon" ETF landed on Wall Street as the bull market returns, benchmarking the seven major ETFs in the US.
A new ETF called DRAG, "China Dragon", tracking the performance of major Chinese companies has landed on the US stock market. Its components currently include Tencent, Pinduoduo, Alibaba, Meituan, BYD, Xiaomi, JD.com, Baidu, and Netease. DRAG aims to track an equally weighted basket of stocks composed of the 5 to 10 largest and most innovative Chinese technology companies. This ETF will be rebalanced quarterly.
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Technology stocks led the S&P to four consecutive gains, Oracle reached a new high after hours, the US dollar and US bonds fell, gold hit a new high, and commodities rose.
In August, the PPI in the United States showed a cooling down of inflation, and the market slightly raised its bets on the Fed's aggressive interest rate cuts. US stocks rose together, with Nvidia up nearly 2%, while NIO Inc and XPeng fell more than 5%. The European Central Bank cut interest rates for the second time this year, but maintained a restrictive policy. European bonds fell, and the euro rebounded from its four-week low. Commodities rose across the board, with US oil briefly rising by 3.7%, gold reaching a new high with a nearly 2% increase, palladium rising by over 4%, and copper experiencing its largest two-month increase.
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Goldman Sachs is optimistic about Tencent: one of the most promising Chinese internet giants, and has confidence in its management.
Goldman Sachs stated that Tencent remains one of the most visible and sustainable profitable companies among the Chinese internet giants, and they have confidence in Tencent's clear strategies in various business lines, maintaining a buy rating.
US stocks closed with mixed performance for the three major indexes. Tesla rose more than 9% over the past two days, while NIO soared 14% after its performance announcement.
Before the non-farm data, there is new evidence of the cooling of the US job market, and economic concerns support a substantial rate cut bet. The yield curve of the 2-year/10-year US Treasury bonds, which briefly inverted for the third time in two years. The S&P 500 fell for the third consecutive day, with Broadcom falling more than 4% after hours, Tesla rising nearly 5%, and Nvidia and Chinese concept stocks rising nearly 1%. The yen reached a one-month high, and the offshore renminbi rose by 300 points to break 7.09 yuan. Gold rose briefly by 1%, and oil prices rose more than 2% before falling. US oil fell below $70 for the first time in 15 months over two days.
Taobao and Tencent join forces to 'break down walls'.
Finally, Taobao now supports WeChat Pay.
Taobao has fully integrated WeChat Pay!
After 11 years of blocking each other, WeChat and Taobao have achieved substantial "interconnection". Analysis believes that for Taobao, this cooperation is beneficial for further expanding the market, and for Tencent, it will directly bring in new revenue.
New progress! Taobao will soon fully support WeChat Pay. Both platforms have responded. The industry believes that it will initiate a new round of internet plus-related interconnection in the industry.
①Taobao platform plans to fully introduce WeChat Pay, which is a landmark event of interconnection between Alibaba and Tencent platforms. ②The official response states that the functional compatibility with Taobao platform merchants is currently being opened.
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