The Direxion Daily FTSE China Bull 3X Shares (YINN) ETF, which seeks to provide 3x leveraged exposure to the performance of the FTSE China 50 Index, surged over 5% on November 4th, 2024. This significant rally was part of a broader upward move in Chinese stocks and ETFs, driven by growing optimism about the prospects of the Chinese economy and its key industries.

According to the latest Caixin/S&P Global Services PMI data, China's services activity expanded at the fastest pace in three months in October, hitting 52.0. This positive reading, which matched the official PMI released last week, suggests that Beijing's recent stimulus push is starting to improve business conditions and boost consumer demand.

The survey also showed that companies increased their employment for a second consecutive month and expressed higher overall confidence, with some firms ramping up promotional efforts to support sales growth in the year ahead. These encouraging signs, coupled with strong performance from Chinese companies like electric vehicle maker XPeng Inc., have fueled positive sentiment towards the Chinese market, driving the rally in YINN and other related ETFs.