LONDON/NEW YORK (Nov 1): Chinese stocks listed in the US surged in New York on Tuesday, fuelled by speculation that Beijing is preparing to phase out Covid Zero policies — even as the nation's Foreign Ministry said it is unaware of such a plan. The Nasdaq Golden Dragon Index of 65 Chinese companies rose as much as 7.6% in New York, the most in more than five months. "Whether the rally sustains or not will be dependent on if China's Covid Zero policy is officially over." Still, the speculation was enough to also boost stocks from New York to Johannesburg to London. Still, the strong share-price reaction showed that many Chinese stocks "have substantial upside in the event the rumours of an exit from [Covid Zero] translate to reality", he said.

Source: The Edge Markets November 01, 2022 19:19 UTC