Why Chinese Stocks Futu, GDS Holdings, and New Oriental Education & Technology Rose Today
Chinese stocks ripped higher today, as the Chinese government issued its gross domestic product (GDP) target for 2025 and detailed forthcoming stimulus it plans to inject into the country's ailing economy. Hong Kong's Hang Seng index rose 2.8%.Shares of Futu Holdings (NASDAQ: FUTU) traded 12% higher today. Meanwhile, shares of GDS Holdings (NASDAQ: GDS) rose 10%, while shares of New Oriental Education & Technology (NYSE: EDU) were up roughly 6%.In a government report, Chinese officials said they plan to target GDP growth of 5%, which is aligned with the government's medium- and long-term targets. The report also said the government plans to target a deficit-to-GDP target of 4%, which is 1% higher than last year. The deficit would be the largest seen since 2010, according to CNBC.Continue reading
Chinese stocks ripped higher today, as the Chinese government issued its gross domestic product (GDP) target for 2025 and detailed forthcoming stimulus it plans to inject into the country's ailing economy. Hong Kong's Hang Seng index rose 2.8%.
Shares of Futu Holdings (NASDAQ: FUTU) traded 12% higher today. Meanwhile, shares of GDS Holdings (NASDAQ: GDS) rose 10%, while shares of New Oriental Education & Technology (NYSE: EDU) were up roughly 6%.
In a government report, Chinese officials said they plan to target GDP growth of 5%, which is aligned with the government's medium- and long-term targets. The report also said the government plans to target a deficit-to-GDP target of 4%, which is 1% higher than last year. The deficit would be the largest seen since 2010, according to CNBC.
