Chinese stocks gain trillions on hopes of reopening and better U.S. ties

It rose 5.3%, setting the largest weekly gain of year. This941155 The Shanghai Composite rose 2.4% for a weekly gain of 5.3%, the biggest in more than two years, as the world is sensitive to China assets rose sharply. Bloomberg News reported that the initial U.S. inspection of audit filings of U.S.-listed Chinese companies — a prolonged period of regulatory strain and risk — was completed ahead of schedule, Raising hopes for US officials’ satisfaction. Unsubstantiated social media posts touting March aimed at relaxing COVID rules also fueled optimism throughout the week , seems to have gained new momentum on Friday. A former senior Chinese CDC official told a closed-door meeting that the major change in China’s zero-coronavirus policy was based on A recording of the meeting, heard by Reuters, will take place over the next five to six months. “Any sign that some rules could be relaxed would be Sophie Lund-Yates, chief equity analyst at Hargreaves Lansdown.

Now the focus is on the press conference of the Chinese health authorities on November 5. Earnings were broad-based, overshadowing gloomy global market expectations for the prospect of further U.S. interest rate hikes. Real estate and tech stocks led the way. stake in the internet giant 500500 Alibaba (NYSE: Baba

) and JD.com (NASDAQ:

Jingdong

).com each rose more than %, and the Hang Seng Technology Index rose 7.5% . Property Manager Country Garden Service Rose % and the Mainland Developers Index rose 9%. Hedge fund manager Lei Ming said the reopening rumors were just the trigger for a rebound in the oversold market.