- Alibaba Group Holding Limited (NYSE:BABA) and its peer stock traded upwards Monday as China kept the benchmark lending rate intact.
- China reported a rate of 3.500 % p.a. on May 19, 2023, staying constant from the previous number of 3.500 % p.a. for May 18, 2023.
- A weakening yuan and widening yield differentials with the U.S. restricted the scope for monetary easing, Reuters reports.
- Cutting interest rates enables easier credit availability, making borrowing easier for businesses, stimulating investment, and expanding operations.
- Also Read: Alibaba’s Cloud Business Spinoff – What’s Going On With Alibaba Stock Friday
- Baidu, Inc (NASDAQ:BIDU), JD.Com, Inc (NASDAQ:J), and Bilibili Inc (NASDAQ:BILI) stock also gained Monday.
- Last week, Alibaba reported fourth-quarter FY22 revenue growth of 2% year-on-year to $30.32 billion, beating the consensus of $30.24 billion.
- Non-GAAP earnings per ADS of $1.56 beat the consensus of $1.35.
- The market had mixed expectations from the tech barometer following concerns over China’s post-Covid recovery losing steam. However, upbeat results from Chinese tech companies helped alleviate some investor concerns.
- Price Action: BABA shares closed higher by 2.52% at $86.10 on Monday.
Fake Employee Rahul Ligma Gets Sacked From FTX Shortly After Twitter: Elon Musk Tells Benzinga He Can Come Back
It’s been a rough two weeks for fictional character Rahul Ligma. In the span of a couple of weeks, Ligma was fired from both Twitter and FTX. Here’s what happened and what Tesla Inc (NASDAQ: TSLA) and Twitter CEO Elon Musk had to say.
