Is this what good news feels like?

Equity

TechCrunch

News, Business, Entrepreneurship, Business News, Technology

4.2 • 372 Ratings

🗓️ 5 December 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks in China are ripping higher on news that its drastic COVID-related policies could be starting to ease. It's a long way from a reopening, but after years of hard-edged lockdowns, Chinese tech companies are breathing a sigh of relief — at least in valuation terms. Shares are down in Europe and the United States. How much are Chinese equities rallying? Bilibili is in the lead, up around 16% in pre-market trading. The day's gains won't cover all prior losses, but for the nation's beleaguered tech industry, the valuation gains are beyond welcome news. And sticking to the good news vibe, the fact that the U.S. central bank may slow the pace at which it raises interest rates could provide some useful tailwinds to tech companies. The Circle SPAC deal is off. Giraffe360 raised new capital, which surprised us, given our perspective on the housing market. And we closed with notes on ChatGPT, the thing that everyone on Twitter cannot stop playing with. Equity drops at 7 a.m. PT every Monday and Wednesday, and at 6 a.m. PT on Fridays, so subscribe to us on Apple Podcasts, Overcast, Spotifyand all the casts. TechCrunch also has a great show on crypto, a show that interviews founders, one that details how our stories come together, and more! Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:17.0	Hello and welcome back to Equity, the Tech Runge Podcast, where we unpack the numbers and the nuance behind the headlines. It is December 5, 2022. And ladies and gentlemen, welcome to the very beginning of the end of year
0:24.0	Doldrums. Woe it's gonna be fun. The good news is that right now things are
0:27.9	still happening. The bad news is that it's increasingly likely as the year comes to
0:32.0	close that huge interesting news will be a little bit sparse, but still a lot to talk about.
0:37.0	Well, we're going to start with a look at the world of money and that means we have to talk about stocks.
0:44.3	And I have good news for you this morning.
0:46.2	You're welcome.
0:47.2	Stocks are ripping higher in Asia and especially China on news that the country's government
0:52.4	is making some steps towards easing its
0:54.6	COVID-related zero tolerance policies. Now why is this happening? Well
0:59.0	lockdowns stemming from the Chinese government's hard-length COVID
1:02.3	posture had led to massive economic and stemming from the Chinese government's hard-land COVID posture
1:03.0	had led to massive economic and social disruptions
1:05.8	in the populist nation, not things you want to see
1:08.6	if you are a one-party government.
1:10.6	Why does it matter?
1:11.6	Well, it goes without saying that the fact that the start of what
1:15.1	could be the end of COVID-0 in China coming after mass unrest in the nation should
1:20.3	be remembered. And it also comes after troubling manufacturing data and other production
1:24.7	related metrics showing a hobbling of the Chinese economy. So pressure eventually built and
1:29.9	pressure eventually had an impact. In contrast, shares are mostly lower in
1:34.4	Europe today and here in the US shares are lower in pre-market trading. Looking
	...

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