Alibaba, Tencent, JD.com to Test Stock Rally After China Support Disappoints
- Oulook for tech firms hinges on China’s moves to boost growth
- Hon Hai’s quarterly earnings likely lifted by high AI demand
An advertisement for the Singles' Day shopping event on JD.com e-commerce platform at a subway station in Shanghai on Nov. 4.
Photographer: Qilai Shen/BloombergAlibaba Group Holding Ltd., Tencent Holdings Ltd. and JD.com Inc. will shed more light on the growth momentum of Chinese economy, after investors were disappointed by the lack of large-scale stimulus from a high-profile legislative meeting last week.
Outlook of the tech giants could be the next spotlight in the market as Beijing’s plan only included a 10 trillion yuan ($1.4 trillion) program to tackle hidden debt issues faced by the local governments but stopped short of providing new stimulus to bolster consumption. Investors are expecting on more direct measures to stimulate the economy after Donald Trump takes office in January.