China unveils $113B stimulus to aid real estate, banks; Alibaba stock climbs 3%
• China announced a new $113 billion stimulus package to boost economy • Package aims to help struggling real estate market and provide loans to banks • Investors optimistic that stimulus will benefit Chinese companies like Alibaba • Alibaba stock rose nearly 3% on Friday, significantly outperforming the broader market • Other Chinese tech stocks also saw gains, but optimism remains cautious about economic impact