Chinese ADRs rallied in overnight trading. Trip.com rose over 10%; Nio gained 7%; PDD, iQiyi, JD.com, XPeng rose more than 4%.

China cut the amount of cash banks must keep in reserve Friday and lowered a key policy rate, as Beijing rolls out a strong stimulus package unveiled this week in a push to shore up the slowing economy and investor confidence.

The People’s Bank of China’s 0.5 percentage point reduction to the reserve requirement ratio was announced earlier this week by central bank chief Pan Gongsheng, who didn’t provide a timeframe.

The cut is aimed at creating a “good monetary and financial environment” for the steady growth of the Chinese economy, the PBOC said in a statement.

Bristol-Myers traded 5.55% higher in overnight trading. The U.S. Food and Drug Administration (FDA) on Thursday approved Cobenfy (xanomeline and trospium chloride), developed by Bristol-Myers Squibb, as a novel treatment for adults with the psychiatric disorder schizophrenia.

BlackBerry stock fell 2.36% in overnight trading despite surpassed estimates. Its earnings per share showed improvement, when it released its second quarter fiscal 2025 financial results today after the markets closed.