Asia, Daily Dose

China Stocks Gain as Authorities Step Up Support – Asia Market Wrap

– A surge in Chinese markets accelerated after policymakers took additional efforts to boost investor confidence, despite overall weakness in Asia and a tech-led slide on Wall Street.

– A barometer of Hong Kong-listed Chinese enterprises rose as much as 4%, coming within 1% of erasing all year-to-date losses. The CSI 300 Index of mainland stocks increased by 2.2%. Property developers led the gains as banks increased lending support for the ailing sector. A new ban on quant funds’ trading has also alleviated fears about short selling.

– That contrasts with losses in other Asian markets, including Japan, South Korea, and Australia, after the Nasdaq 100 plummeted about 1% and the S&P 500 plunged below 5,000 on Tuesday. The spotlight is on chipmaker Nvidia’s earnings and the Federal Reserve’s latest policy meeting minutes, which are coming later Wednesday. Contracts for US stocks fell.

– Meanwhile, shares of HSBC plummeted as high as 3.8% in Hong Kong after the bank announced an 80% drop in fourth-quarter profit. Aluminium soared on expectations that a new round of US sanctions against Russia might target the commodity, potentially affecting supplies.