DiDi Stock News: DiDi Global Inc soars as China agrees to accommodate US Auditors

NYSE:DIDI gained 12.80% during Friday’s trading session.
The Chinese government agrees to work with US Auditors for ADRs.
Chinese ADR stocks skyrocket to close the week.

Stocks Reporter FXStreet

NYSE:DIDI saw the tides turn on Friday as the beleaguered ride-hailing company saw its best performance in weeks. Shares of DIDI jumped by 12.80% and closed the trading week at $2.82. The stock was trading even higher out of the gate on Friday, but like the broader markets, shares pared their gains by the closing bell. All three major indices kicked off the second quarter of 2022 in the green, snapping the two-day losing streak for the US markets. The Dow Jones gained 139 basis points, the S&P 500 added 0.34%, and the NASDAQ inched higher by 0.29% during the session.

Stay up to speed with hot stocks' news!

Finally some good news for investors in Chinese ADR stocks. The Chinese government has agreed to provide US Regulators with full access to the financial records of the companies that trade on the US markets. The auditing system has been a source of tension between the two nations for years now, and after the SEC recently added a fresh group of ADRs to the potential delisting list, China has agreed to accommodate them. The threat of being delisted has plagued Chinese ADRs but this could release some of the downward pressure on the stocks.

DIDI stock price

As was expected, Chinese ADR stocks rebounded with a vengeance on Friday. Shares of AliBaba (NYSE:BABA), PinDuoDuo (NASDAQ:PDD), JD.Com (NASDAQ:JD), and Baidu (NASDAQ:BIDU), were all trading well higher during the session. Chinese EV maker Nio (NYSE:NIO) also soared as the company recorded a record number of deliveries in the first quarter of 2022.

Author

Stocks Reporter

FXStreet

GBP/USD remains offered below 1.3600

GBP/USD resumes its decline, reversing Tuesday’s bullish attempt and breaking below 1.3600 the figure on Wednesday. Cable’s marked pullback follows a firm advance in the Greenback as investors continue to assess latest US data as well as the geopolitical landscape.

EUR/USD remains on the back foot around 1.1650

EUR/USD comes under renewed selling interest, slipping back to the mid-1.1600s ahead of the opening bell in Asia. Spot loses momentum on the back of solid gains in the US Dollar in a context of unabated geopolitical tensions and steady caution ahead of key US data releases and Chair Warsh’s speech at the Jackson Hole Symposium on Friday. Looking ahead, the ECB will publish its Accounts on Thursday.

Gold keeps sight of $4,700 ahead of Fed Warsh’s speech

Gold is making another run to retest 15-week highs of $4,697 early Thursday. Gold traders are taking advantage of an upbeat mood-led US Dollar (USD) retreat, looking past hot US core Personal Consumption Expenditures (PCE) Price Index data for July. Renewed USD weakness offers the much-needed boost to Gold, following Wednesday’s pullback from near the $4,675 neighbourhood.

Bitcoin faces recovery test above $80K as ETF demand strengthens

Bitcoin’s (BTC) recent rally has sharply reduced leverage across the market while attracting strong institutional demand, according to Glassnode. In a report on Wednesday, the firm stated that August 19 marked the largest single-day short liquidations recorded by Glassnode’s feed since 2019, with short positions accounting for 85% of all liquidations.

South Korean Won gains on back-to-back BoK interest rate hikes

The South Korean Won trades higher against the US Dollar on Thursday, with USD/KRW falling 0.3% to near 1,380 during the Asian trading session. The pair revisits its 11-month low as back-to-back interest rate hikes by the Bank of Korea have strengthened the currency.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.