September 24, 2024 03:15 GMT
ASIA STOCKS: Asian Equities Mostly Higher, Supported By PBoC Stabilization
ASIA STOCKS
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Asian markets are broadly positive as China’s recent stimulus measures aimed at boosting the economy lifted investor sentiment. Chinese property stocks surged after the government announced cuts to mortgage rates and down-payment requirements for second homes, although the market remain cautious on whether this will fully revive the housing market.
- The PBoC efforts to stimulate the economy, including allowing brokerages and funds access to central bank funding for stock purchases, further contributed to a 0.7% rise in the MSCI Asia Pacific Index. Additionally, China’s 10-year bond yield fell to a record low of 2%, signaling ongoing government support for both equity and bond markets.
- Japanese equities opened higher, however has slowly given back morning gains. The yen weakened to 143.86, providing further support to exporters, after BoJ Gov Ueda signaled that the central bank is not in a rush to raise interest rates following hikes earlier in the year. The Topix is 0.60% higher, while the Nikkei is 0.70% higher with Tokyo Electron now trading down 1.10%.
- Taiwan & South Korean equities are little changed today, while foreign investors have been better sellers of South Korean equities with most coming from tech stocks.
- Australia stocks are slightly lower as we await the RBA.
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