Markets
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Luke Kawa

Chinese stocks are jumping on solid economic growth, easing of export curbs

A solid GDP print along with the US softening its stance on seemingly the most contentious front between the world’s two largest economies — access to advanced technology — have Chinese stocks rallying strongly on Tuesday.

The US ADRs of Baidu are trading 8% higher, Alibaba is up more than 5%, JD.com is trading almost 3% to the upside, and Temu parent PDD Holdings is up about 2% in early trading on Tuesday.

China’s economy grew 5.2% year on year in the second quarter, a tick ahead of estimates. And Nvidia and AMD are preparing to ship AI chips to China that were formerly under export bans after receiving fresh guidance from the Commerce Department. US Treasury Secretary Scott Bessent suggested that this relaxation of export restrictions was “part of a mosaic” in the thawing of trade relations between the two countries.

Separately, Jefferies boosted its price targets on two Chinese data center stocks, GDS Holdings and VNET Group, calling the tweaks to export rules as “positive for China’s AI capex” and supportive of higher valuations.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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