Foreign-listed Chinese stocks rallied on Wednesday after Beijing vowed to keep markets stable, soothing overseas investors’ nerves after a selloff due to worries over differences between China and the West in the Russia-Ukraine war.
Citibank’s Asia-Pacific trading strategist in Hong Kong, Mohammed Apabhai, likened the moment to the Federal Reserve’s market backstop in 2020 or then-ECB chief Mario Draghi’s ‘whatever it takes’ speech that staunched the eurozone crisis in 2012.“Easing that the market was expecting wasn’t actually coming through. But now it seems like China has realised that the need to do something to support the economy, something proper.
Frankfurt-listed depository receipts for Alibaba were among the most traded stocks on the Tradegate and Lang & Schwarz platforms, suggesting interest from German retail investors. The speed at which Beijing has responded to this week’s selloff would suggest it does not want to let things drift out of control, said AJ Bell investment director Russ Mould in London.
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