Asian stocks rise on China hopes, US futures slip
market’s recent decline as healthy.
Stocks rose in Australia, Japan and South Korea in early Monday trade, with futures in Hong Kong also pointing to a higher open. The gains came after the S&P 500 jumped 2.1% Friday as the government avoided a shutdown, while the tech-heavy Nasdaq 100 advanced 2.1%. The Golden Dragon index rose 2.7% with Chinese authorities set to announce measures to boost consumption on Monday. The dollar was steady.
All eyes are on China after Xinhua reported authorities will provide details on policies to stabilize the stock and real estate markets, lift wages and boost the nation’s birth rate. A swath of Chinese data including industrial production and retail sales prints for February due Monday will also be closely parsed.
“The initiatives announced over the weekend are targeted to boost the flagging animal spirits of the Chinese consumer,” said Tony Sycamore, an analyst at IG in Sydney. That “should help support the relief rally in global equity markets that commenced on Friday and the continued outperformance of China equity markets.”
Treasuries edged higher in Asia trading following Friday’s decline as US stock futures fell and ahead of February retail sales data due Monday. The benchmark 10-year yield dipped 1 basis point to 4.30% after rising 4 basis points on Friday.
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Investors will also be monitoring to a swath of central bank meetings this week as President Donald Trump’s trade salvos test policymakers’ nerves. The Bank of Japan is expected to keep
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