June 16, 2024

Stock Markets Today: China Economy, US Stocks, AMD China AI Chips, Fed’s Bostic

Good morning. China sets its growth target, JPMorgan’s top market strategist warns about a US stock market bubble, and AMD runs into a roadblock in selling AI chips to China. Here’s what people are talking about.

China set its annual growth target at around 5%, raising expectations for the nation’s top leaders to unleash more stimulus as they try to lift confidence in an economy hampered by a property slump and entrenched deflation. Premier Li Qiang acknowledged the challenges facing the world’s second-largest economy as he delivered his first work report to the national parliament at its opening Tuesday. “It is not easy for us to realize these targets,” he told thousands of delegates assembled at the Great Hall of the People in Beijing. “We need policy support and joint efforts from all fronts.”

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