24H｜Chinese ADRs Jump As Trump Softened His Tone, XPeng up 8%, Alibaba up 3%
U.S. President Donald Trump said on Thursday that he would love to get a deal with China to end an escalating trade war.
Trump made the comments during a Cabinet meeting opened to press. U.S. Treasury Secretary Scott Bessent said during the meeting that as they settle deals with countries, it will bring more certainty on trade policy.
Chinese ADRs gained in overnight trading. YINN rose 8%; XPeng rose 8%; Bilibili, Baidu, and NIO rose 5%; JD.com and Li Auto rose 4%; Alibaba and NetEase rose 3%; PDD Holdings and Tencent Music rose 2%; iQiyi rose 1%.
Gold prices hit 3,210/oz, setting a new all-time high, as a drop in the dollar and an escalating trade war between the U.S. and China drove investors towards the safe-haven allure of the precious metal.
Gold stocks jumped in overnight trading. Gold Fields rose 7%; Agnico Eagle Mines and Coeur Mining rose 5%; Harmony Gold Mining, Barrick Gold, Kinross, and Newmont Mining rose 2%.
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