Covid-19 Measures Relaxed: Chinese Stocks Surge
Nov 11, 2022
Chinese stocks, particularly e-commerce platforms Alibaba Group and JD.com, rose on Friday after the Chinese government announced a relaxation of some Covid-19 regulations.
In Hong Kong, Alibaba (BABA) shares surged 12%, while JD.com (JD) rose 16%. The Hang Seng Tech Index in Hong Kong finished 10% higher on Friday.
Alibaba ADRs were up 4% in premarket trade Friday, while JD.com ADRs were up 6%.
According to The Wall Street Journal, China stated Friday that it would decrease the quarantine time for persons who tested positive for Covid-19 and for visitors to the country. The reforms were part of a package of measures examined by the governing Communist Party's new senior leadership during their first meeting on Thursday.
According to the Chinese government-backed Global Times newspaper, these measures are committed to severely dealing with excessive and one-size-fits-all actions, prohibiting unreasonable moves to shut down schools and restrict transportation or clinical care.
Travelers from other nations will now be quarantined for eight days—five in a hotel or government center and three at home—down from ten days earlier. Before boarding an airplane trip, passengers will now just have to undergo one Covid-19 test.
The news occurred on the same day that China's biggest shopping festival, Singles Day, began, with enormous sales from Alibaba and JD.com.
Subscribe Our Newsletter
The Census Bureau publishes its January report on durable goods. The consensus forecast calls for a 1% month-over-month increase in new orders for manufactured durable goods to $270.3 billion.
Companies
Paula Polito, a wealth management executive at UBS, has long advocated for women to take an active role in their financial lives and become "more financially smart," as she described it in a recent interview. However, nothing appeared to alter for years.
Banks and Finance
Oliver
How Does a Liquidity Pool Work in Crypto?You've undoubtedly heard the term "cryptocurrency liquidity" a lot in the last year or two. But what exactly does it mean? In essence, it is the capacity to rapidly and easily acquire and trade cryptocurrency. All exchanges strive for high liquidity, although it is not always simple to attain. This is where cryptocurrency liquidity pools come in.
Liquidity