Direxion Daily FTSE China Bull 3X Shares (YINN), a leveraged ETF tracking Chinese stocks, surged 19.41% in pre-market trading on Wednesday. This significant uptick comes as China calls for dialogue with the United States, potentially easing trade tensions between the two economic powerhouses.
The rally was part of a broader move in Chinese ETFs and ADRs. Other notable gainers included CWEB, up 14%, while KWEB and FXI both rose 6%. Chinese tech giants also saw substantial gains, with Alibaba and XPeng rising 7%, and JD.com and Li Auto climbing 6%.
Adding to the positive sentiment, sources revealed that China's top leaders are planning to meet as soon as Wednesday to discuss measures to boost the economy and stabilize capital markets. This high-level gathering, the first to become publicly known since the recent escalation in U.S.-China trade tensions, is expected to explore initiatives to support domestic consumption and bolster investor confidence. The meeting comes at a crucial time as China grapples with economic challenges, including a protracted property crisis and high levels of local government debt.
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