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ASIA STOCKS: Further China Stimulus & Strong Tech Results Spur Market Higher

ASIA STOCKS
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Asian stocks rallied on Thursday, driven by renewed enthusiasm in the tech sector after strong revenue forecasts from Micron. The weakened yen further boosted Japanese stocks, while Chinese markets gained as the government introduced new stimulus measures, including one-off cash handouts for the poor ahead of the National Day holidays. Investors are optimistic about China's commitment to support the economy, including reports of a potential $142 billion capital injection into state banks. The risk-on sentiment across Asian markets follows the Fed’s recent rate cut, and traders are now focused on the potential for more direct stimulus measures from China.

  • China & Hong Kong benchmarks are nearing bull market territory with many indices now trading near or 20% off recent lows. the CSI 300 Consumer Staples Index is trading +3.40% following news that government will give handouts to the poor ahead of the National Holidays, with beer and tobacco stocks gaining the most, while property stocks continue their strong gains with the Mainland Property Index up over 5%. The HSI is +2.30%, whiel the CSI 300 is +0.70%
  • Japanese equities have surged higher, led by tech stocks after strong forecast from Micron during the US session, Tokyo Electron is currently trading 7.75% higher. Further moves higher may have been capped by caution ahead of the vote for a new leader, who will likely become the next prime minister. The TOPIX is +1.90%, while the Nikkei is +2.35%
  • Foreign investors have returned to buying South Korean equities with net inflows of $250m today, local stocks are outperforming Taiwan equities today, in what seems to be a catch up to the recent underperformance.
  • Australia's ASX200 is +0.80% led by Discretionary stocks, benefitting from China stimulus
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Asian stocks rallied on Thursday, driven by renewed enthusiasm in the tech sector after strong revenue forecasts from Micron. The weakened yen further boosted Japanese stocks, while Chinese markets gained as the government introduced new stimulus measures, including one-off cash handouts for the poor ahead of the National Day holidays. Investors are optimistic about China's commitment to support the economy, including reports of a potential $142 billion capital injection into state banks. The risk-on sentiment across Asian markets follows the Fed’s recent rate cut, and traders are now focused on the potential for more direct stimulus measures from China.

  • China & Hong Kong benchmarks are nearing bull market territory with many indices now trading near or 20% off recent lows. the CSI 300 Consumer Staples Index is trading +3.40% following news that government will give handouts to the poor ahead of the National Holidays, with beer and tobacco stocks gaining the most, while property stocks continue their strong gains with the Mainland Property Index up over 5%. The HSI is +2.30%, whiel the CSI 300 is +0.70%
  • Japanese equities have surged higher, led by tech stocks after strong forecast from Micron during the US session, Tokyo Electron is currently trading 7.75% higher. Further moves higher may have been capped by caution ahead of the vote for a new leader, who will likely become the next prime minister. The TOPIX is +1.90%, while the Nikkei is +2.35%
  • Foreign investors have returned to buying South Korean equities with net inflows of $250m today, local stocks are outperforming Taiwan equities today, in what seems to be a catch up to the recent underperformance.
  • Australia's ASX200 is +0.80% led by Discretionary stocks, benefitting from China stimulus