Chinese stocks are experiencing a significant rally in premarket trading on December 9, 2024, following announcements from China's top leaders about plans to adopt more accommodative monetary and fiscal policies. The Politburo's commitment to a "moderately loose" monetary stance and "more proactive" fiscal measures has sparked optimism among investors, leading to a surge in Chinese equities. Major internet stocks such as Alibaba, Baidu, and JD.com have seen substantial gains, with increases of 6.1%, 5.6%, and 7.8% respectively, as of 8:27 AM in New York. This positive sentiment is reflected in the broader market, with the Hang Seng Tech Index rising by 4.5%.
The Direxion Daily FTSE China Bear 3x Shares ETF (YANG) is down 20.3% in premarket hours on Monday, December 9, falling to $60.37 as of 9:15 AM ET.