The Direxion Daily FTSE China Bull 3X Shares ETF (YINN) plummeted -12.25% in pre-market trading on Thursday, reacting to China's unveiled fiscal stimulus package that failed to impress investors.
China announced a $1.4 trillion stimulus plan on Friday, aimed at stabilizing the world's second-largest economy amidst rising trade tensions with the United States. However, the measures fell short of market expectations, with analysts describing the package as "incremental" and inadequate to revive economic growth.
The underwhelming stimulus package dampened investor sentiment towards Chinese stocks, triggering a sell-off that rippled through the broader market. As a leveraged ETF designed to deliver 3x the daily returns of the FTSE China 50 Index, the YINN ETF amplified the market's negative reaction, resulting in the substantial pre-market plunge.
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