Chinese stocks are on the rise Thursday as investors react to a couple of pieces of news out of the country.
The first bit worth noting is Alibaba (NYSE:BABA) announcing plans to expand its business to Europe. Specifically, the company wants to develop local businesses. That includes the possible introduction of its e-commerce platform TMall, which would house local brands.
Alibaba is already moving forward with these plans as some of its business is already available in Spain. The company is using this as an anchor point as it prepares to build out its operations across Europe.
The second bit of news worth mentioning is the People’s Bank of China lowering interest rates. This comes after months of rising interest rates as the country’s economy has yet to bounce back from the Covid-19 pandemic and lockdowns. This marks the first drop in 10 months.
Darren Nathan, head of equity research at Hargreaves Lansdown, said the following about the interest rate cut to Barron’s:
“There are real concerns emerging that the anticipated post-Covid recovery is failing to materialize.”
With all of this news, Chinese stocks are rallying. Let’s get into some of the top movers below!
Chinese Stocks Up on Thursday
- BABA stock starts us off with a 2% increase as of this writing.
- JD.com (NASDAQ:JD) shares are next on our list, with a 2.5% gain this morning.
- PDD Holdings (NASDAQ:PDD) is last on our list, with a 2.8% increase on Thursday morning.
Investors on the lookout for more of the most recent stock market news are going to want to stick around!
There’s more than just news out of China moving stocks on Thursday! We’ve also got all of the latest happenings responsible for the OncoSec Medical (NASDAQ:ONCS), Bone Biologics (NASDAQ:BBLG), and EdtechX Holdings Acquisition Corp (NASDAQ:EDTX) stock movements today. You can find out more about these matters below!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
