MNI BRIEF: China Has Room For More Debt, Higher Deficit - MOF

MNI BRIEF: UK Budget Set To Be Fiscal Easing, Hamper Rate Cuts

MNI: BOC Surveys Show Slowest CPI Expectations Since 2021

MNI China Daily Summary: Friday, October 11

MNI: PBOC Net Drains CNY183.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.0731 Fri; +3.03% Y/Y

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.20B BSL

Economic Data Calendar 11/10/2024

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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

ASIA STOCKS
EM BulletAPACEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

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
278 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

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