China stocks rise amid broader gains in Asia markets as Beijing’s stimulus pledge boosts sentiment
Statues of bulls in Pudong’s Lujiazui Financial District in Shanghai, China, on Monday, Oct. 21, 2024.
Qilai Shen | Bloomberg | Getty Images
China stocks rose Tuesday amid broader gains in Asia-Pacific markets, following losses on Wall Street that saw the S&P 500 and Nasdaq Composite pull back from record highs ahead of key inflation data.
Sentiment was boosted by Beijing’s announcement of “more proactive” fiscal measures and “moderately” looser monetary policy next year as part of efforts to boost domestic consumption.
Mainland China’s CSI 300 index jumped 1.9% in trading, while Hong Kong’s Hang Seng index was up 0.9%.
News of the measures, which came from an official readout late Monday after mainland China market had closed, had sent the Hang Seng index nearly 3% higher that evening.
South Korea’s benchmark Kospi gained over 2.2% and led gains in the region, while the small-cap Kosdaq surged up 5.3% as investors continued to monitor the country’s political situation.
South Korean news agency Yonhap reported that the leader of the main opposition party, Lee Jae Myung, said his party would pass a downsized budget bill for next year through a plenary session later in the day.
Australia’s S&P/ASX 200 closed 0.36% lower to finish at 8,393, after the Reserve Bank of Australia held its benchmark rate at 4.35% for the 10th consecutive time.
Japan’s Nikkei 225 climbed 0.52%, while the Topix gained 0.37%.
In the U.S. on Monday, tech shares struggled and investors prepared for key inflation data that will be released this week.
The broad market S&P 500 fell 0.61% to close at 6,052.85, and the tech-heavy Nasdaq slid 0.62% to end at 19,736.69. The Dow Jones Industrial Average shed 240.59 points, or 0.54%, settling at 44,401.93.
AI bellwether Nvidia saw its shares dropped about 2.6% after a Chinese regulator announced that it was investigating the artificial intelligence chip behemoth for potentially violating the country’s antitrust law.
Advanced Micro Devices, another chipmaker, closed 5.6% lower, while tech giants Meta Platforms and Netflix also struggled.
Bitcoin prices also retreated after topping $100,000 for the first time ever last week, a sign that investors might be souring on risk assets.
— CNBC’s Sean Conlon and Sarah Min contributed to this report.
