Hot Chinese ADRs and ETFs rallied in overnight trading.
Tiger Brokers soared 9.8%; YINN jumped over 7%; JD.com gained 4%; PDD Holdings, XPeng, NIO, Alibaba rose over 2%.
China’s top economic planner will hold a press briefing on Tuesday to discuss a package of policies aimed at boosting economic growth, as investors look for more stimulus measures.
The briefing, which is scheduled to start at 10 a.m., will include five senior officials from the National Development and Reform Commission, including Chairman Zheng Shanjie, according to a notice from the government on Sunday.
Economists and traders are closely watching for additional policy measures after China’s top leaders signaled a desire to draw a line under the nation’s growth slowdown. Just before a weeklong holiday in China, the government unleashed a slew of stimulus measures, including interest rate cuts, more liquidity to promote bank lending and a pledge of as much as $340 billion to support the stock market.
Pfizer shares rose 3% in overnight trading.
Activist investor Starboard Value has taken a roughly $1 billion stake in Pfizer and wants the struggling drugmaker to make changes to turn its performance around, according to people familiar with the matter.