Share Shares of Chinese-owned American companies are up on a broad-based rebound after the Federal Reserve raised interest rates and China eased controls on capital flows and imports.
Shares of Alibaba Group Holding Ltd.
and Tencent Holdings Ltd.
rose 1% and 0.9%, respectively.
Shares in Apple Inc. jumped 6.2% and 4.3%, respectively, to a record high.
Shares on Wall Street were trading at $1,064.19 an ounce (about 3.5 times the price of a U.K. pound) before the Fed announcement.
The index has jumped 17.6% this year.
The stock market is also seeing renewed investor interest in U,S.
equities, including in technology companies like Google Inc. and Microsoft Corp. Shares have soared in recent months as investors increasingly believe that the U.C.N. is going to be a turning point in global climate change, and that governments and corporations will take action to reduce greenhouse gas emissions.
In China, Alibaba and Tenec also have a strong presence in the technology sector, and the two firms have also taken on a larger role in China’s health care sector.
Alibaba and Apple have taken a lead role in helping to build Chinese firms that are poised to challenge U..
S.-based technology companies, analysts say.
The firms have raised $1.2 billion in cash to fund acquisitions since 2008, according to research firm Sterne Agee.
In the past year, Alibaba has also become a major investor in U.,S.
companies, including Twitter Inc., Uber Technologies Inc. , Airbnb Inc. Investors also appear to be moving away from China’s banking system, which is a concern given that China is the world’s largest bank, with about $80 trillion in deposits, according the Global Finance Industry Analysts group.