Hong Kong stocks led declines in Asia on Monday as Beijing’s latest stimulus failed to meet investor expectations, overshadowing Wall Street’s record highs from Friday and positive U.S. futures, according to Kevin Buckland, reporting for Reuters.
The National People’s Congress Standing Committee recently announced a 10-trillion-yuan ($1.39 trillion) debt package to ease local government financing strains and stabilize the economy.
Bitcoin surged to an all-time high after Donald Trump’s victory in the U.S. presidential election and the election of pro-crypto candidates to Congress, boosting expectations for lighter regulation.
The dollar hovered near last week's four-month peak against major currencies as traders prepared for a key U.S. inflation report this week and a series of Federal Reserve speeches, including remarks from Chair Jerome Powell on Thursday.
Hong Kong’s Hang Seng dropped 2.5% as of 0200 GMT, with a sub-index of mainland Chinese property shares tumbling 3.9%. Chinese blue-chip stocks fell by 0.3%, while Japan’s Nikkei declined by 0.3%.
South Korea’s Kospi lost 0.9%, Taiwan’s benchmark dipped 0.7%, and Australia’s share benchmark (.AXJO) fell by 0.4%, dragged down by commodity stocks after oil and metals prices weakened.
On Friday, after Chinese markets had closed, the National People’s Congress Standing Committee announced a 10-trillion-yuan ($1.39 trillion) debt package to ease local government financing strains and stabilize the economy.
Kommentare