Alibaba and other Chinese names outperformed on Tuesday after a report of stimulus plans in the world’s second-largest economy—a trend that should be familiar for investors who have seen stocks whipsaw for months on whispers of government plans to boost the economy.
Improving the mood for Chinese stocks was a report from Bloomberg, citing unidentified sources, that China is considering raising its 2023 budget deficit well above a 3% cap set earlier this year for spending on infrastructure. “Investors welcome…new stimulus plans by China,” said Tom Essaye, the founder of Sevens Report Research. “The news is alleviating some lingering concerns about the health of the world’s second largest economy.”
Stimulus measures announced so far have largely fallen flat for investors, though that hasn’t stopped short-term swings in stock prices. Is this time different?
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