Skip to content
Markets

Chinese Stocks Surge in US on Speculation of Covid Zero Exit

  • Alibaba, Trip.com advance amid optimism in economic reopening
  • Be ‘cautious’ about speculation, Abrdn’s Montanaro says
Covid-19 testing in Macau on Nov. 1. Optimism that China may ease its zero-tolerance approach toward the pandemic offered timely relief to the nation’s US-listed shares.

Covid-19 testing in Macau on Nov. 1. Optimism that China may ease its zero-tolerance approach toward the pandemic offered timely relief to the nation’s US-listed shares.

Photographer: Eduardo Leal/AFP/Getty Images

By

and

Updated on

Chinese stocks listed in the US surged on Tuesday, fueled by speculation that Beijing is preparing to phase out Covid Zero policies -- even as the nation’s Foreign Ministry said it was unaware of such a plan.

The Nasdaq Golden Dragon Index of 65 Chinese companies closed up 3.8% in New York, after jumping as much as 7.6% during the session. Stocks tied to economic reopening like online travel agency Trip.com Group Ltd. and hotel operator H World Group Ltd. leading the gains, advancing 8.4% and 11% respectively. Shares of internet giants including Alibaba Group Holding Ltd. and JD.com Inc. rose more than 3% each.