Direxion Daily FTSE China Bull 3X Shares (YINN) surged 7.98% in the pre-market trading session on Tuesday, outperforming the broader market. The pre-market soar can be attributed to the following reasons:
Firstly, China ADRs and ETFs, including YINN, rallied in overnight trading on news that members of President-elect Trump's economic team discussed a gradual approach to ramping up tariffs on Chinese goods. The possibility of gradually-implemented US tariffs sparked optimism among investors, as it could ease inflation concerns and provide room for the Federal Reserve to reduce interest rates.
Secondly, the Chinese authorities have reiterated their commitment to stabilizing the market and stepping up support measures. The China Securities Regulatory Commission (CSRC) stated that it will collaborate with the central bank to enhance the effectiveness of funding facilities launched last year to facilitate stock buying. This policy support from the authorities has further boosted market sentiment, contributing to the pre-market surge in YINN and other Chinese stocks.
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