Markets Rally On US And China Optimism

Equity markets were generally stronger in Asia today, with the MSCI APEX 50 +1.3%, supported by China’s state-owned media calling for funding for the property sector and following Monday’s rise on Wall Street. There is optimism that the Fed won’t need to tighten further and that the US economy will manage a soft landing. In response US yields are lower and the USD has softened (USD index -0.3%). S&P futures are flat while the NASDAQ is 0.1% higher during APAC trading.

• China’s CSI 300 is up 0.7% at the time of writing, while its property index is 3.6% higher as speculation of stimulus grows. The Hang Seng is a percent higher.
• Japan’s Nikkei has overturned earlier losses to be flat on the day. The Topix is down 0.2%. Korea’s KOSPI is 0.9% higher. Taiwan’s TAIEX is +1.1%.
• Australia’s ASX is up 0.3% driven by the mining sector as iron ore prices continued to move higher, buoyed by the China reports, but the NZ’s NZX 50 is down 0.4%.
• ASEAN is mixed with Indonesia’s Jakarta Comp falling 0.6% but the SE Thai up 0.5%. The Malay KLCI is up 0.2% but Singapore’s Straits Times is down 0.3%.
• India’s Nifty 50 has rallied 0.4%.