China said it would pursue a “moderately loose” monetary policy and take a “more proactive” approach to economic policy before President-elect Donald Trump returns to the White House.

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Other Chinese stocks that rose following the comments included e-commerce peer JD.com (JD, 9618.HK), Temu owner PDD Holdings (PDD), and electric vehicle makers Nio (NIO) and Xpeng Inc ( XPEV). .

Matt Britzman, senior equity analyst at Hargreaves Lansdown (HL.L), said: “The announcement highlighted plans to boost domestic demand and consumer spending, laying the foundation for this week’s Central Economic Works Conference, where China’s big economic priorities will be revealed become.”

“High-growth sectors such as technology, consumer goods and financials led the way, and the rally wasn’t just local – UK companies with ties to China also saw a boost, proving that good news travels fast.”

Another chipmaker in the news on Tuesday was TSMC, which reported 34% year-on-year sales growth to 276 billion new Taiwan dollars (£6.7 billion) in November.

This brought revenues from January to November to a total of 2.6 trillion new Taiwan dollars, an increase of almost 32% compared to the same period in 2023.

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Despite that growth, TSMC’s Taiwan-listed shares lost nearly 1% in Tuesday’s session, while the company’s New York-listed shares fell more than 1% in premarket trading.

TSMC is considered a pioneer of the semiconductor industry because it is the world’s largest contract chipmaker and produces designs from companies like Nvidia.

In the UK, shares of international equipment rental company Ashtead fell 9% on Tuesday morning after the company issued a profit warning.

In its half-year results, Ashtead said: “Largely due to the dynamics of the local commercial construction market in the US, we now expect the group’s full year rental income growth to be in the order of 3% to 5% for the full year.” The profit is below our previous expectations.”

Separately, Ashtead said on Tuesday it would move its main listing to the US, in a blow to the UK market. Ashtead said his company is “essentially a US company reporting in US dollars, with almost all of the group’s operating profit (98% in FY24) coming from North America, which is also the company’s core growth market.”

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Turning to its first-half results, Ashtead reported 2% year-on-year revenue growth to $5.7 billion, although pre-tax profit fell 4% to $1.2 billion.

Dan Coatsworth, investment analyst at AJ Bell, said: “It was always a question of ‘when’ rather than ‘if’ Ashtead would move its main listing to the US.”

“There is also the Trump factor that needs to be taken into account. He favors American companies that do things for the American people. Ashtead is almost the perfect example, but moving the listing to New York is essentially another benefit for the company.”

“The next logical step would be to sell the remaining UK operations – they are tiny compared to the US business and spinning them off would close the loop on the move to everything US-related.”

Advanced Micro Devices (AMD)

Apple (AAPL)

Alphabet (GOOG, GOOGL)

Nio (NIO)

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NCC (NCC.L)

Thungela Resources (TGA.L)

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Metro AG (B4B.DE)

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GameStop (GME)

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