Asian Markets Rallied on Chinese Stimulus Optimism
Go Wire
December 10, 2024
GoGPT Summarizes Articles
Asian markets broadly closed higher on Tuesday (Dec. 10), driven by hopes for China's stimulus measures. Chinese leaders signaled plans for proactive fiscal policies and moderately expansionary monetary measures in 2025 during their Monday meeting, sparking investor optimism across the region.
China’s Shanghai Composite Index rose 0.59% due to the hope that the government might revitalize the economy by bolstering domestic demand. The sentiment was unstable as investors feared a possible US-China trade war. Consequently, the Hang Seng index slipped 0.5%.
The optimism spread to other Asian markets. South Korea’s KOSPI rebounded 2.43%, retreating from losses tied to political turmoil. Japan’s Nikkei 225 gained 0.53%. Markets in Singapore and Malaysia were varied. Singapore's STI Index rose 0.42%. FTSE Bursa Malaysia KLCI fell 0.15%.
In the Asia-Pacific region, the S&P/ASX 200 index slipped 0.36% as its tech stocks declined. The Reserve Bank of Australia (RBA) held interest rates at 4.35%, a 12-year high, as it aims to ensure inflation remains within its 2-3% target.
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