China’s Stocks Rise on Fiscal Pledge, Nikkei Drops – Asia Market Wrap
Asia, Daily Dose

China’s Stocks Rise on Fiscal Pledge, Nikkei Drops – Asia Market Wrap

  • China equities rose after an official hinted at prospective expenditure plans, while shares in other Asian markets slumped following weak US earnings reports and Federal Reserve pushback on interest-rate lowering expectations.
  • China’s CSI 300 rebounded from a four-day low, while Hong Kong’s Hang Seng Index rose following a two-day fall. The Caixin manufacturing PMI indicator came in as expected, in expansion zone, and a Beijing official stated that the government would set a “reasonable” investment target.
  • Shares in Australia and Japan fell after the S&P 500 plummeted 1.6%, the most since September. Aozora Bank plunged 21% in Tokyo after announcing losses related to US commercial property, mirroring the woes of New York Community Bancorp in America.
  • Contracts for US stocks crept higher, with Nasdaq 100 futures outperforming, after Big Tech heavyweights such as Microsoft and Alphabet¬†led losses on Wall Street Wednesday. European contracts have declined.