Chinese stocks surged Tuesday following Beijing's announcement of policy shifts, including promises of rate cuts and measures to boost consumption, Tom Westbrook reported for Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%, driven by a 1% increase in Hong Kong's Hang Seng Index and a 2% rise in China's blue-chip CSI300 index.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%, driven by a 1% increase in Hong Kong's Hang Seng Index and a 2% rise in China's blue-chip CSI300 index.
Japan's Nikkei also advanced, climbing 0.4%.
The rally was buoyed by a statement from China's Politburo signaling a shift in monetary policy from “prudent” to “moderately loose,” a move aimed at stabilizing markets and encouraging consumer spending.
The new policy stance, reminiscent of measures implemented during previous economic crises, is expected to help lift China's sluggish economic growth.
Yields on Chinese government bonds hit record lows on optimism about the government’s intervention. Meanwhile, global markets remained cautious, with U.S. stock futures edging lower after a 0.6% drop in the S&P 500 overnight.
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