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Home » Asia stocks jump on China stimulus optimism, RBA rate decision in focus By Investing.com
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Asia stocks jump on China stimulus optimism, RBA rate decision in focus By Investing.com

News RoomBy News RoomDecember 10, 20240 Views0
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Investing.com– Most Asian stocks jumped on Tuesday with Chinese shares rallying on optimism around more stimulus measures from the world’s second largest economy, while focus was on the Reserve Bank of Australia’s interest rate decision due later in the day.

China has committed to implementing more proactive fiscal stimulus measures and adopting moderately looser monetary policies in 2025, the government signaled during a Politburo meeting on Monday.

Optimism over Chinese stimulus saw Asian markets largely brush off a weak lead-in from Wall Street, as losses in technology shares dragged U.S. benchmarks off record highs. U.S. stock index futures were flat in Asian trade, ahead of key  inflation data for November, due on Wednesday.

China, Hong Kong shares rally, S. Korea stocks rebound

The  index climbed 1.6% on Tuesday, while the  index jumped more than 2%.

This optimism spread to other Asian markets as well, as regional investors were hopeful that China’s measures to boost its sluggish economy will support global demand.

This comes at a time when fears of a possible U.S-China trade war have clouded the outlook for Asian economies, as incoming U.S. President Donald Trump has vowed to impose additional tariffs on Chinese exports.

The index surged 1.5% on gains in locally listed Chinese stocks.

Additionally, markets such as Japan and South Korea also showed signs of positive movement, reflecting broader regional optimism. Japan’s was up 0.2%, while rose 0.3%.

South Korea’s index rebounded 2.4% after sharp declines in the previous session. Investors looked past some fears surrounding an ongoing political crisis in the country, after a tumultuous week which saw South Korea’s President Yoon Suk Yeol’s failed attempt to impose martial law in the country.

Singapore’s index gained 0.6%, and Philippine’s index rose 0.5%, while India’s indicated a slight dip at open.

RBA rate decision awaited; Aussie miners jump on China stimulus cheer

The Reserve Bank of Australia’s interest rate decision is due later in the day, where it is expected to keep rates unchanged but may temper its hawkish stance amid signs of weakening economic conditions in Australia. 

Australia’s fell 0.4% on Tuesday as sharp gains in miners were countered by a slump in technology shares.

Miners were on the rise after China’s announcement, with mining giants like Rio Tinto Ltd (ASX:), BHP Group Ltd (ASX:), and Fortescue (ASX:) surging between 4% and 7%, while tech shares plunged tracking overnight losses on the tech-heavy index.

 



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