Asian markets follow Wall Street higher on upbeat news from China, US
Stocks in Asia are mostly higher, boosted by moves by China to rev up its economy
HONG KONG — Stocks in Asia advanced on Friday, led by gains in Hong Kong and other Chinese markets fueled by China's moves to rev up its economy.
Japan’s Nikkei 225 index was up more than 1% as the ruling Liberal Democratic Party conducted a leadership election that will determine who is Japan’s next prime minister. The change in leadership is not expected to lead to any major policy shifts, given the similarities between the leading contenders.
China’s central bank cut its reserve requirement for banks as of Friday as part of measures announced this week to help the property industry and support financial markets.
The Hang Seng in Hong Kong advanced 3.7% to 20,659.03 and the Shanghai Composite index jumped 2.1% to 3,065.29.
Meanwhile, the Shanghai Stock Exchange encountered glitches that hindered order processing and caused delays after the market opened on Friday. This led to a 6.4% increase in the Shenzhen index, as local media reported that investors flocked to that smaller market during the delay.
Trading returned to normal by noon, and the Shanghai Stock Exchange later said in a statement that it was still investigating the causes.
In the latest sign of the malaise hindering growth in the world's second-largest economy, the government reported that industrial profits fell nearly 18% year-on-year in August.
Shares of Hong Kong’s property giant New World Development surged 21.5% on Friday trading after Adrian Cheng, the third-generation scion at the helm of the conglomerate, had been replaced. The firm reported an annual loss of over $2.4 billion in a profit warning last month, its first loss in nearly 20 years.
In Japan, the
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