China Stocks Climb Again; Investors See More Benefits Than Risk In Covid Policy Shift

... [+]

the country's third-richest man, Tencent Holdings CEO Ma Huateng, by $11 billion since late October. Photographer: Justin Chin/BloombergStock rallies that have generated double-digit gains in China and Hong Kong benchmark indexes since the end of October continued on Friday as investors embraced hope that Beijing’s abrupt easing of zero-Covid policies will bring more economic good than harm.

The CSI 300 index closed up by 1% to 3,998.24, its best close since Sept. 15; the China benchmark index has gained nearly 14% since Oct. 31. The Hang Seng Index on Friday rose by 2.3% to 19,900.87, its best close since Aug. 31; it has soared by 35% from the end of October. Among individual gainers, China Internet heavyweight Tencent on Friday closed at its highest level since early September, gaining 2.6% to HK$325.60. The stock has shot up by more than 60% since Oct. 28, adding $11 billion to the fortune of CEO Ma Huateng, China’s third-richest man. Ma was worth $35 billion on the Forbes Real-Time Billionaires List today.

The country’s unpopular zero-Covid testing rules are winding down after rare public protests in major cities last month, weakening economic growth, and complaints by foreign business groups. Violent protests tied to pandemic measures and a labor dispute at a massive iPhone plant in Zhengzhou run by Taiwan-headquartered Hon Hai Precision have reinforced pressure on multinationals to diversify supply chains from the country.

Forbes I'll defend your 1st amendment right to a free press if you'll defend my 1st amendment right to free speech!

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These 4 global consumer tech stocks are set to win on China reopening, HSBC saysThe Asia-focused bank said a faster-than-expected recovery of consumer electronics in the coming months will benefit four under-the-radar global stocks.
Source: CNBC - 🏆 12. / 72 Read more »

China economy hopes give world stocks a boost, Fed nerves remainWorld stocks rose on Friday on expectations China's economy would strengthen as COVID-19 curbs ease, but stocks were heading for a 2% weekly loss in nervy markets ahead of the Federal Reserve's policy meeting next week. i guess 2023 in the middle,FED stop raising interest rates🤔
Source: Reuters - 🏆 2. / 97 Read more »

U.S. jobless claims climb to 230,000 in sign labor market may be slowly cooling offNew unemployment filings increased by 4,000 from the prior week, the government said. The data point to a slow but steady increase in layoffs as the U.S. economy weakens. Just the beginning. Yet every business I see has “now hiring” signs posted. There are still many jobs available.
Source: MarketWatch - 🏆 3. / 97 Read more »