Stock market today: Asian shares are mostly higher after strong earnings boost stocks on Wall St
Shares are mostly higher in Asia after U.S. stocks rose following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies
BANGKOK — Shares mostly advanced in Asia on Thursday after U.S. stocks rose following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies.
Chinese markets gained after officials in Beijing announced the government was expanding financing for housing projects to try to turn around a slump in the property market triggered by a crackdown on excessive borrowing by developers.
In Hong Kong, the Hang Seng index gained 0.9% to 20,460.86, while the Shanghai Composite index was up 0.1% at 3,205.95.
China is due to announce its economic growth data for the April-September quarter on Friday. Economists are forecasting annual growth at about 4.5%, short of the government's target of about 5%.
China's leaders have promised more measures to help boost the economy, but so far have not provided details of stimulus on a scale that would satisfy investors hoping to see reforms that might address longer term problems such as massive local debt and weak consumer demand.
Plans announced so far amount to a “bailout” aimed at nurturing a gradual recovery instead of a “V” shaped short-term rebound in prices, economists at ANZ Research said in a report.
“Without announcing a major shift in housing policy stance, the policy measure will not induce massive investment demand in real estate,” the report said. But it added that “The package of credit injection is an effective measure to reduce the financial risks and liquidity crunch faced by the developers and the related supply chains, fending off a subprime crisis in China.”
In Tokyo, the
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