Major Chinese stocks are rising higher today after China recorded better-than-anticipated retail sales for the month of October.
Online retail sales of physical goods increased by 7.2% in the globe’s second-biggest economy during the first ten months of this year.
Moreover, optimism continues to rise as multiple factors seem to be going in the right direction. Yesterday’s meeting between U.S. President Joe Biden and Chinese premier Xi Jinping is pointing toward times of better cooperation between the two countries.
Additionally, China is also taking steps toward bringing its economy out of the period of strict COVID-19 lockdowns.
Shares of tech major Alibaba (BABA) are already up nearly 11.4% today. NIO (NIO) and XPeng (XPEV) too have already gained 6.2% and 8.6% respectively.
The Direxion Daily FTSE China Bull 3x Shares ETF (YINN) is up 14.7% today on top of the 29% price gains over the last five days.
A rally of epic proportions possibly seems in the making for Chinese stocks and investors are already displaying signs of FOMO.
Here are some stocks that could be affected by this news:
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