24H | Chinese ADRs Jump as Investors Gear up for Alibaba Earnings, US Data

Tiger Newspress
11/24

Chinese ADRs jumped in overnight trading ahead of a week packed with earnings reports and a deluge of US economic data delayed by the government shutdown.

WeRide rose 5%; Hesai rose 4%; NetEase and Alibaba rose 3%; Baidu and NIO rose 2%; PDD Holdings Inc and Tencent Music rose 1%.

Panic sentiment spurred by sell-offs in bitcoin and tech stocks eased after a Federal Reserve official flagged his support for an interest-rate cut this month and a media report said that the US government would allow Nvidia to resume supply of its most advanced artificial-intelligence chips to China.

Meanwhile, investors are closely monitoring the overdue US economic data, including inflation figures, that will shape the outlook for the Fed’s monetary policies. Corporate results will also come to the fore among investors, with companies including Alibaba, NIO also due for earnings releases this week.

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