China stocks hit two-year highs
Chinese stocks hit a two-year high Thursday, as new coronavirus cases fall inside the country and rise elsewhere around the world.
What has been a bullish week in China comes amid volatility on U.S. markets, which have seen wild swings as investors juggle effects of the Democratic primary, increases in U.S. coronavirus cases, and an emergency rate cut from the Federal Reserve. Analysts told MarketWatch that U.S. equities would likely continue to experience a higher-than-normal period of volatility.
Shares in several big Chinese financial firms are driving the gains. The country’s largest insurer, Ping An Insurance 601318, +2.32%, is up nearly 6% since Monday, as are China Merchants 600036, +4.16% and Industrial Bank 601166, +3.27% , which all trade in Shanghai. In Hong Kong, the Hang Seng Index HSI, +2.08% saw its biggest one-day jump in a month, with shares of tech companies leading the rise. AAC Technologies AACAY, +2.60% 2018, +5.04% , which supplies parts to Apple AAPL, -1.49%, saw the biggest daily gain, at 5%. China’s two tech giants, Tencent TCEHY, +1.26% 700, +3.09% and Alibaba BABA, +1.12% 9988, +2.47%, both saw big increases on the day.
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