Keep an eye on Chinese stocks, such as JD.com (JD). The stock is on the move after China relaxed virus testing rules in some cities, signaling that even more easing may be on the way.
At the moment, according to CNBC, “Although daily cases hover near all-time highs, some cities are taking steps to loosen Covid-19 testing requirements and quarantine rules as China looks to make its zero-Covid policy more targeted amid an economic slowdown and public frustration that has boiled over into unrest. China is set to further announce a nationwide reduction in testing requirements as well as allowing positive cases and close contacts to isolate at home under certain conditions.”
Analysts like the JD stock here, too. Barclays, for example, just raised its price target to $72 from $59, with an overweight rating. Citi also just raised its target price from $85 to $90, with a buy rating. Analyst Alicia Yap believes JD is well-positioned to reaccelerate revenue.