Just now! China's "Golden Dragon" surged
2min read Chinese assets rallied late into the night.
On October 22, local time, the three major stock indexes of the US stock market opened lower collectively. As of the time of writing, the Dow Jones Industrial Average fell 0.35%, the Nasdaq index turned red and rose 0.03%, and the S&P 500 index fell 0.25%.
The Nasdaq China Dragon Index surged sharply. As of the time of writing, it rose more than 1.5%.
Hot Chinese stocks rose in the morning. As of the time of writing, iQIYI rose nearly 10%, DADA rose more than 8%, PDD and Li Auto rose more than 6%.
On the news front, according to a filing by the US Securities and Exchange Commission (SEC) on October 21, BlackRock significantly increased its holdings in Chinese e-commerce company PDD, from about 29 million shares (equivalent to 2.1% of the total shares) in the second quarter of 2024 to about 132 million shares (equivalent to 9.5% of the total shares).
Moreover, Li Auto released a notice that its weekly sales in the 42nd week of 2024 (October 14-20) reached 12,100 units, and it has won the first place in the new energy brand sales in China for 26 consecutive weeks.
FTSE A50 futures also had a surge.
Spot gold rose to a record high of US$2,742.03/ounce, and then fell.
London silver once rose more than 2%.
Moreover, US oil and Brent oil both rose nearly 2%.
The IMF released its latest report: it expects the global economic growth to be 3.2% this year and next year.
According to CCTV News, on October 22, local time, the International Monetary Fund (IMF) released its latest World Economic Outlook Report. The report said that in the process of deflation, the global economy showed extraordinary resilience. It expects the global economic growth to be 3.2% in 2024 and 2025. The global economic growth forecast for 2024 remains unchanged from the 3.2% forecast in July, and the forecast for 2025 is lowered by 0.1%.
Specifically, the economic growth forecast for developed economies in 2024 is 1.8%, up 0.1 percentage points from the July forecast. It is expected that the US economy will grow 2.8% this year, up 0.2 percentage points from July; the European developed economies are expected to grow 0.8% this year, down 0.1 percentage points from July. Emerging market and developing economies will continue to maintain strong growth, with the economic growth forecast for 2024 unchanged from the July forecast.
The report said that the global inflation situation has improved, with the global average inflation rate expected to be 5.8% in 2024 and 4.3% in 2025. Although the inflation data is good, the downside risks are increasing. Regional conflicts, especially the escalation of tensions in the Middle East, may pose a serious risk to the commodity market.
