China is going to need a bigger stimulus plan

$562B

Chinese markets shrugged off new government plans to push some $562 billion (¥4 trillion) worth of loans to developers and have them complete stalled housing projects, as policymakers continue to struggle to deliver on high expectations for stimulus that could reinvigorate growth in the world’s second-largest economy.

Chinese property stocks sold off on the news, which was announced by China’s housing ministry. The broader markets also slumped, with Hong Kong’s Hang Seng and the mainland’s CSI-300 both down roughly 1%.

Chinese stocks have sputtered hard recently, giving up nearly half the massive gains they generated over the last several weeks that followed after Chinese financial regulators seemed to signal a new, serious push to boost growth. But so far, Beijing has been reluctant to actually produce the monetary bazooka that they seemed to promise was on the way.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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