Chinese tech stocks fly higher as Nasdaq bounces, Beijing cuts rates

• The Shanghai exchange fell another 7.6% overnight, but that has been overshadowed by a surprise rate cut (delivered after Chinese markets closed) by the PBOC and a 3.4% Nasdaq gain. The Guggenheim China Tech ETF (CQQQ +5.3%) is up 16% from its Monday morning low, and down 36% from a May peak of $45.64.
• Alibaba (BABA +6.5%) is among today's big gainers, as are e-commerce peers JD.com (JD +8.7%), Vipshop (VIPS +6.9%), LightInTheBox (LITB +13.1%), and Jumei (JMEI +12.1%). Other standouts include Weibo (WB +19.8%), 51job (JOBS +11.5%), Bitauto (BITA +10.2%), NQ Mobile (NQ +9.7%), Sohu (SOHU +6.7%), Ctrip (CTRP +8.1%), and NetEase (NTES +8.3%).
• E-House (EJ +9.8%) and subsidiary Leju (LEJU +8.6%) are up strongly after posting Q2 beats (I, II) and respectively reiterating full-year revenue guidance of $1.05B-$1.1B (+16%-22% Y/Y) and $600M-$620M (+21%-25%). Qunar (QUNR +6.2%) is doing well after posting mixed Q2 results and issuing strong Q3 sales guidance.
• ETFs: QQQC-OLD, KWEB, EMQQ