- Asian markets rose broadly following optimism in Chinese markets.
- Chinese property stocks rose on expectations of new government stimulus measures.
- The PBoC injected some 80 billion yuan of liquidity into the markets.
- The Australian ASX 200 rose as commodity stocks improved ahead of the RBA meeting minutes.
Asian stocks posted gains on Monday, boosted by a rebound in Chinese markets fueled by expectations of new government stimulus measures. The People’s Bank of China (PBoC) injected some 80 billion yuan of liquidity into the markets.
Currently, the China SSE Composite Index is registering a gain of 0.54% to 3,070 points, while the Shenzhen Component Index has improved .63% to 10,042 points. The Japanese Nikkei 225 rose 0.54%, to 33,403 points. The Hang Seng in Hong Kong has settled at 17,716 points, and the Korean KOSPI has risen to 2,495 points. However, Taiwan’s weighted index has fallen 0.13% to 17,185 points.
Despite the positive momentum, gains were limited as investors await the Federal Open Market Committee (FOMC) minutes scheduled for Tuesday. The minutes are expected to provide insight into the Fed’s stance on inflationary pressure and its approach to monetary policy.
Chinese markets were boosted by a rebound in property stocks, following a commitment by regulators to provide greater policy support to the struggling real estate sector. On the other hand, the interest rate decision in China, with the PBoC keeping its prime lending rate at 3.45%, provided few clues to markets.
The Australian ASX 200 rose 0.13%, supported by strength in commodity stocks. The focus is on the minutes of the Reserve Bank of Australia’s (RBA) November meeting for more information on monetary policy.
Japan’s Nikkei 225 was flat after hitting its highest since 1990, boosted by strong earnings and foreign investors attracted by the Bank of Japan’s dovish stance and asset control measures.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.