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ASIA STOCKS: Chinese Equities Surge Following Further Stimulus Measures

ASIA STOCKS
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  • Asian markets are trading mixed today with Chinese equities have surging again today with property shares experienced a significant rally. The Bloomberg property gauge is up 14% after Shanghai, Shenzhen, and Guangzhou eased homebuying restrictions as part of the government's efforts to stabilize the struggling real estate sector. This follows the announcement of a major stimulus package aimed at addressing the prolonged property slump, with top leaders committing to halt the market's decline.
  • The CSI 300 surged more than 6.20%, ChiNext up 11.4%, fueled by recent stimulus measures aimed at tackling China’s property crisis. While in Hong Kong the HSI is up 3.35%, Mainland Property Index is 8.36% higher and the HSTech Index up 7.15%.
  • Earlier, China's factory activity contracted for the fifth consecutive month in September, with the Mfg PMI coming in at 49.8 although slightly better than economists' expectations of 49.4.
  • Elsewhere Japan’s Nikkei slumped nearly 4.5%, while the Topix dropped over 3%, driven by investor repositioning after Shigeru Ishiba's victory in the ruling party's leadership race. South Korea ( KOSPI -1%) & Taiwan  (Taiex -1.50%) have both struggled today with tech stocks lower, while Indian equities are under pressure with the Nifty 50 down 0.5% this has been due to a decline in IT, automotive, and banking stocks. Australia's ASX200 is 0.75% higher, on the back of higher commodity prices after Iron Ore jumped 10%.
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  • Asian markets are trading mixed today with Chinese equities have surging again today with property shares experienced a significant rally. The Bloomberg property gauge is up 14% after Shanghai, Shenzhen, and Guangzhou eased homebuying restrictions as part of the government's efforts to stabilize the struggling real estate sector. This follows the announcement of a major stimulus package aimed at addressing the prolonged property slump, with top leaders committing to halt the market's decline.
  • The CSI 300 surged more than 6.20%, ChiNext up 11.4%, fueled by recent stimulus measures aimed at tackling China’s property crisis. While in Hong Kong the HSI is up 3.35%, Mainland Property Index is 8.36% higher and the HSTech Index up 7.15%.
  • Earlier, China's factory activity contracted for the fifth consecutive month in September, with the Mfg PMI coming in at 49.8 although slightly better than economists' expectations of 49.4.
  • Elsewhere Japan’s Nikkei slumped nearly 4.5%, while the Topix dropped over 3%, driven by investor repositioning after Shigeru Ishiba's victory in the ruling party's leadership race. South Korea ( KOSPI -1%) & Taiwan  (Taiex -1.50%) have both struggled today with tech stocks lower, while Indian equities are under pressure with the Nifty 50 down 0.5% this has been due to a decline in IT, automotive, and banking stocks. Australia's ASX200 is 0.75% higher, on the back of higher commodity prices after Iron Ore jumped 10%.