Chinese stocks are on the move Thursday following news that the country’s government will add more stimulus to its economy.
China intends to add an additional 1 trillion yuan to its economic spending. That’s roughly the same as $146 billion. This extra spending is part of an effort to rescue the economy from damage done by several Covid-19 lockdowns.
So what exactly does China plan to spend the money on? It looks like the main focus will be improving infrastructure. However, experts are already predicting that the extra $146 billion won’t be enough of a boost for the Chinese economy to recover, Bloomberg notes.
Even so, we’re seeing movement from several Chinese stocks on Thursday. Let’s take a look at how today’s news is affecting those shares below!
Chinese Stocks Rising Higher on Thursday
- Alibaba (NYSE:BABA) stock starts off our list with the Chinese e-commerce company’s shares rising 7.3% as of Thursday morning.
- JD.com (NASDAQ:JD) shares are also rallying today with the e-commerce company’s stock getting an 8.9% boost this morning.
- Pinduoduo (NASDAQ:PDD) stock finishes up our list with the tech company’s shares climbing 8.8% as of this writing.
There’s more than just Chinese stocks on the move today and we’ve got all that news ready to go below!
We’ve got all of the hottest stock market news traders need to know about for Thursday! That includes what’s happening with Hyliion (NYSE:HYLN) stock, why SoFi Technologies (NASDAQ:SOFI) shares are on the move, and Sony (NYSE:SONY) increasing PlayStation 5 prices. You can find out more on these matters at the following links!
More Thursday Stock Market News
- Can GE Give Hyliion (HYLN) Stock a Much-Needed Lift?
- Analysts Are Now Pounding the Table for SOFI Stock
- SONY Stock Alert: 8 Things to Know as Sony Raises PlayStation Prices
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.