Stock Track | YINN ETF Surges 8% as China's Services Sector Rebounds, Boosting Economic Recovery Hopes

Stock Track2024-11-06

The Direxion Daily FTSE China Bull 3X Shares (YINN) ETF, which provides leveraged exposure to the performance of Chinese stocks, soared over 8% in pre-market trading on November 5th, 2024, as positive economic data and growing optimism drove a rally in Chinese equities.

According to the latest Caixin/S&P Global Services PMI data, China's services activity expanded at the fastest pace in three months in October, hitting 52.0 and matching the official PMI released last week. This suggests that Beijing's recent stimulus push is starting to improve business conditions and boost consumer demand, fueling hopes of an economic recovery.

The survey also showed that companies increased their employment for a second consecutive month and expressed higher overall confidence, with some firms ramping up promotional efforts to support sales growth in the year ahead. These encouraging signs, coupled with the strong performance of key industries like electric vehicles, have fueled positive sentiment towards the Chinese market, driving the rally in YINN and other related ETFs.

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