Why Shares of Tencent, PDD, and Futu Are Rising Today

Chinese stocks moved higher today after the Federal Reserve's jumbo 50-basis-point interest rate cut prompted investors to bet that China's central bank may follow suit.Shares of the Chinese tech conglomerate Tencent Holdings (OTC: TCEHY) traded roughly 3.3% higher, as of nearly 1 p.m. ET, while shares of the Chinese online retailer PDD Holdings (NASDAQ: PDD) traded nearly 2% higher. Meanwhile, shares of the Chinese brokerage and wealth manager Futu Holdings (NASDAQ: FUTU) had jumped nearly 15%.Chinese stocks have been on a very different path than U.S. stocks this year, with the Shanghai Composite Index down close to 8% year to date. China's economy has really struggled this year, a trend that continued in August with retail sales, industrial production, and urban investment growing at a slower pace than expected in August.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool