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China Stocks surged to their highest level in 16 years, with related U.S. ETFs also seeing significant gains after a recent round of economic stimulus boosted investor confidence in the market. The Shanghai Composite jumped 8.06%, marking its best day since September 2008 and wrapping up a nine-day winning streak. It closed September with a 17.39% gain, its first monthly increase in five months and its most robust performance since April 2015. The Shenzhen Composite Index also had a stellar day, ending up 10.9% – its best performance since April 1996. It recorded a 24.8% increase in September, its strongest month since April 2007. Meanwhile, the China ADR index climbed nearly 6%. U.S.-listed shares of Kanzhun and Bilibili surged 9%, while Tencent Music Entertainment gained 2.9% and Futu Holdings rose 15%.

The KraneShares CSI China Internet ETF (KWEB) saw a 4.2% increase, while the iShares China Large-Cap ETF (FXI) rose by 2.2%. Alibaba’s U.S.-listed shares were up more than 4%, and JD.com saw a gain of 5.4%.

Chinese Stocks have been on a positive trajectory following Beijing’s recent announcement of various economic stimulus measures, including interest rate cuts to support the ailing property market. President Xi Jinping and other top leaders have endorsed these measures, signaling confidence in the economy’s recovery prospects. This upbeat sentiment has resonated with investors, with more U.S. investors expressing bullishness towards the market. Hedge fund founder David Tepper, for instance, recently shared his overwhelming optimism towards Chinese equities, citing his substantial investment in Chinese assets post the Federal Reserve’s rate cut. The move is anticipated to have a favorable impact on the market going forward, prompting investors to adjust their expectations accordingly.

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