Alibaba, JD.com Jump on Easing Covid Curbs, Economic Data
(Bloomberg) — U.S.-listed Chinese stocks wiped out their monthly losses, as an easing of lockdown measures in major cities and better-than-expected economic data helped spur a recovery in the second half of May.
With a 3.7% climb on Tuesday, the Nasdaq Golden Dragon China Index capped its first monthly gain since October. Shares of e-commerce giant Alibaba Group Holding Ltd. rose 2.8%, while large-cap Chinese internet stocks JD.com Inc. advanced 4.6% and Baidu Inc. inched up 0.9%. Electric carmakers also rose, with Nio Inc. up 5.0% after China announced a 50% cut in the purchase tax for low-emission passenger vehicles.
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