China’s stronger-than-expected GDP figures for the third quarter have led to a notable surge in U.S.-listed China-based ETFs during pre-market trading. This economic data has provided a boost to several key ETFs.
What Happened: China-based U.S.-listed ETFs experienced a significant uptick in pre-market trading following the release of robust GDP figures from China. According to Benzinga Pro, the KraneShares CSI China Internet ETF KWEB rose by 6.06%, while the iShares China Large-Cap ETF FXI increased by 4.93%. The iShares MSCI China ETF MCHI also climbed 5.15%.
China’s GDP grew by 4.6% year-over-year in the third quarter, surpassing the 4.7% prediction of Reuters poll. However, this growth was slightly below the 4.7% recorded in the previous quarter, marking the slowest pace since mid-last year and moving further from Beijing’s 5% annual target.
Retail sales in September increased by 3.2% year-on-year, exceeding forecasts, while industrial output rose by 5.4%, also beating expectations. Despite these positive indicators, house prices fell by 5.8% year-over-year in September, a larger decline compared to August’s 5.3% drop. Meanwhile, the CSI 300 index in Mainland China surged 3.62% to close at 3,925.23, after reaching an intraday high of 5.5%.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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