24H | Chinese ADRs and ETFs Rally; Li Auto Jumps over 4%; YINN Gains over 3%; Alibaba Rises 2.7%

Chinese ADRs and ETFs rallies in overnight trading. Li Auto jumped over 4%; YINN gained over 3%; Alibaba rose 2.7%

China’s recent stimulus measures to revive the economy will set the tone for third-quarter earnings from major Chinese lenders including Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd.

The attention will be on their longer-term outlook after benchmark lending rates and deposit rates were lowered in the wake of central bank easing. That’s as net interest margins in the sector had declined to record-low levels at the end of June, squeezing profits.

Western Digital Corp topped Wall Street estimates for quarterly profit on demand for its data-storage products from cloud service providers, sending its shares up 9.7% in overnight trading.

Western Digital reported first-quarter adjusted earnings per share of $1.78, beating analysts' expectations of $1.72.

Revenue from the cloud market climbed 17% to $2.21 billion sequentially.

Earlier this month, the company said its enterprise SSD memory storage device has been certified to support Nvidia's server system.

Phunware stock rebounded over 16% in overnight trading. Shares of Phunware Inc. were down 40% on Thursday after the retirement of Chief Executive Mike Snavely from the mobile-advertising company.

Capri shares tumbling by 42.67%, and Tapestry shares up by around 14% in overnight trading. A U.S. judge blocked the pending $8.5 billion merger of U.S. handbag and accessories maker Tapestry and Capri on Thursday, a victory for the Federal Trade Commission that is a likely death blow for the deal.

The decision is a win for the Biden administration ahead of the Nov. 5 presidential election, in which rising consumer prices have become a top concern for voters.

The FTC argued at an eight-day trial in New York that the merger would eliminate fierce head-to-head competition between the top two U.S. handbag makers and create a massive company with the power to unfairly raise prices.