Chinese tech giant, Alibaba Group Holding Limited (BABA) saw its stock trade 6% higher after China's Central Bank granted the permission to Ant Group to create a shell company. As per the Reuters report, the decision has made the investors hopeful that the government crackdown against companies listed in the US market has eased in the PRC.
Alibaba's stock has gone through a volatile 52-week period where it has continued to lose value in the market, dropping almost 50%.
During the pre-market trading, the stock shot up 9% on Friday but since then the hype has died down. Currently, the stock is trading at $105.40, up $3.95 or 3.89% since the previous close at $101.45.
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April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.