Business
Wall Street Titans Rally Behind Chinese Stocks as Beijing Unleashes Stimulus Firepower
Wall Street sees a surge due to Chinese stocks following Beijing's application of major stimulus measures. Chinese stocks are rapidly rising, with notable personalities such as billionaire investor David Tepper and Goldman Sachs' Scott Rubner fully invested.
Chinese shares are skyrocketing as Beijing introduces comprehensive initiatives to stimulate economic expansion and steady the real estate sector. High-profile Wall Street personalities like billionaire investor David Tepper and Goldman Sachs' Scott Rubner are fully invested.
Tepper, the founder of Appaloosa Management since 1993, is increasing his acquisitions of anything connected to China following the surpassing of anticipations by the stimulus measures.
"I had assumed that the Federal Reserve's actions last week would result in China loosening its policies, but I wasn't aware they would respond so intensely," Tepper stated during a CNBC interview on Thursday.
During the second quarter, his hedge fund largely maintained its stockpile in the Chinese firms it had acquired earlier in the year, whilst slightly reducing shares in Alibaba Group Holding and US tech titans. Now, following China's elite leadership's intensified initiatives to boost growth through promises of fiscal spending support and property sector stabilization, Tepper is back to buying Chinese stocks, such as Alibaba and Baidu.
"He mentioned that they have increased their holdings in Chinese stocks for a longer period, attributing this decision to the low cost of these stocks, even after this week's price hike."
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