Chinese exchange traded funds picked up ground on Tuesday after President Joe Biden and Chinese President Xi Jinping met face-to-face at the G-20 summit in Bali.
While both sides remain in opposite corners when it comes to issues such as Taiwan, technology, and trade, they were able to come together on other issues including climate change and food security. Moreover, the two leaders agreed to keep communication lines open moving forward.
The optimistic meeting prompted the rally in Chinese tech names which in turn forced ETFs such as the KraneShares CSI China Internet ETF ( NYSEARCA: KWEB ), which aims to track China-based companies tied to internet-related technologies higher by 10.9% .
Other Chinese exchange traded funds also pushed to the topside after positive talks between the two nations took place. See below a breakdown of other Chinese ETFs that are in the green on Tuesday:
( MCHI ) +5.7% , ( NYSEARCA: FXI ) +5.8% , ( ASHR ) +2.5% , ( GXC ) +5.3% , ( NYSEARCA: CQQQ ) +8.8% , ( CXSE ) +5.3% , ( KBA ) +2.2% , ( CNYA ) +2.4% , ( YINN ) +17.5%, ( CHIQ ) +5.9% , ( NASDAQ: PGJ ) +8.7% , ( CWEB ) +21.4% , and ( RAYC ) +2% .
In broader financial news, U.S. stocks had come off their session highs but were still firmly in positive territory on Tuesday afternoon.
For further details see:
Chinese ETFs jump after Biden-Xi meeting