The only thing spicier than a performance from Pitbull, aka “Mr. Worldwide,” is international stocks over the last month. And while the sharp rebound in international stocks has been underway for some time, it hasn’t gotten a lot of coverage.
So today, as we highlight the move in Sea Ltd., we thought it’d be worth bringing that broader trend into focus.
For those unaware, Sea Ltd. is part of the group of widely-followed Chinese internet companies on Wall Street. It popped up on people’s radars today due to its better-than-expected earnings report, where the company saw its e-commerce revenue grow 32.4% YoY and gross orders rise 21.4%.
And given all the negativity around Chinese stocks and the global economy in general, this news was enough to spark a 36% rally in $SE shares.
The sharp move in Sea Ltd. helped push popular China ETFs like $KWEB higher as well, rising another 10% today. While this ETF is up over 50% from its October lows, it’s important to note that some of its largest components are reporting later this week. Companies like Alibaba, Weibo, and JD.com will be in focus and likely result in further volatility in these stocks.
Lastly, we want to highlight Taiwan Semiconductor, which isn’t a Chinese stock. But it’s an APAC company whose shares popped 11% after Berkshire Hathaway’s 13F revealed a new stake in the world’s largest semiconductor company. That certainly got people’s attention… 👀
