Chinese ADRs Gain as China's Q1 Growth Beats Forecast

Tiger Newspress04-16 17:22

Chinese ADRs advanced in premarket trading. Direxion Daily FTSE China Bull 3X Shares, Alibaba, and Baidu rose 4%; Kingsoft Cloud and NIO rose 3%; NetEase, Tencent Music, Trip.com, PDD Holdings, and Bilibili rose 2%; XPeng rose 1%.

China's economy grew 5.0% in the first quarter from a year earlier, official data showed ‌on Thursday, beating analysts' expectations as policymakers brace for the fallout from the Iran war.

Analysts polled by Reuters had forecast the January-March quarter gross domestic product (GDP) ⁠would expand 4.8% from a year earlier, compared with a 3-year low of 4.5% in the fourth quarter.

On a quarterly basis, GDP grew 1.3% in the first quarter, matching forecasts and just ahead of the 1.2% gain in the previous quarter.

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