26/09/2024 Daily Reports
Asian markets surged on Thursday, overcoming Wall Street’s overnight slump, buoyed by optimism over China’s fresh stimulus efforts. A potential $142 billion capital infusion into major Chinese banks, as reported by Bloomberg, fueled the rally, following recent measures aimed at countering deflationary pressures.
Investors are increasingly hopeful that Beijing’s response will reinvigorate growth, with China’s blue-chip index and Hong Kong’s Hang Seng Index both seeing notable gains. The MSCI Asia-Pacific index reached a two-year high, setting a strong tone for European markets as they opened.
The day also brings attention to global central banks, with the Swiss National Bank expected to cut rates by 25 basis points, alongside key speeches from Federal Reserve and European Central Bank officials.
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Asian Stocks Surge as China’s Stimulus Lifts Tech Sector; Yen Struggles Amid Bank of Japan Caution
Asian equities rallied, driven by gains in technology stocks, after China unveiled further economic stimulus measures, including cash handouts and potential capital injections for major state banks.
Japan and South Korea saw strong performance, with tech stocks in particular benefiting from optimism following Micron Technology’s upbeat revenue forecast.
China’s CSI 300 Index extended its winning streak, and Hong Kong stocks posted their longest rally in over six years.
While China’s stimulus has fueled market optimism, analysts remain cautious about sustainability amid deflation concerns.
The yen weakened as the Bank of Japan signaled no rush for interest rate hikes, while Treasury yields held steady and oil prices remained flat after a previous sharp drop.
Investors are watching for more fiscal measures from China and US data for further insight into the Fed’s policy direction.
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