Chinese Stocks Set to Rise After ADRs Jump on Extra Xi Support

-- Chinese stocks are poised for gains after US-listed shares of mainland companies recorded their biggest one-day jump since July, spurred by rare fiscal measures from Beijing and President Xi Jinping’s stepped up support for the world’s second-biggest economy.The Nasdaq Golden Dragon China Index climbed nearly 4%, with Bilibili Inc. leading gains among the major technology names. KE Holdings Inc.

The moves “should give the stock market a confidence boost as it sends a proactive fiscal signal,” according to Ming Ming, chief economist at Citic Securities Co.In a surprising move also aimed at shoring up the economy and financial markets, Xi, along with vice premier He Lifeng and other government officials, made his first known visit to the People’s Bank of China since he became president a decade ago, Bloomberg News reported.

The latest policies are part of pragmatic steps taken since July to restore confidence among entrepreneurs and consumers, Andy Rothman, investment strategist at Matthews Asia, said in an email. Tracking major warship movements in response to the developing situation in Gaza and beyond has been interesting. Most people have focused on the comings and goings of the US Navy in or towards the Eastern Mediterranean. Even the USN itself seems to have taken its eye off other potential flashpoints, as something has happened which never normally would: the most powerful naval force in the Gulf is Chinese.

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