Shares of Tesla Inc. soared 9.3% on Monday, fueled by growing optimism that a fresh round of economic stimulus measures from China could revive growth in one of the electric carmaker's key markets.
The rally came amid a broader surge in Chinese stocks and related exchange-traded funds, with the Direxion Daily FTSE China Bull 3X Shares ETF (YINN) spiking over 7% in premarket trading. Investor sentiment towards Chinese equities has turned increasingly bullish in recent days, as Beijing signals a desire to draw a line under the nation's growth slowdown.
Ahead of a highly anticipated press briefing on Tuesday by China's top economic planner, expectations are rising that the government could unveil a fiscal package worth up to $285 billion to support local government spending, infrastructure investment, and boost consumption. Major Wall Street firms like Goldman Sachs and HSBC have grown more optimistic about the potential impact of Beijing's stimulus blitz, projecting further gains for Chinese stocks if authorities deliver on the promised measures.
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