Asian stocks mixed as investors await China policy briefing, US stocks closed lower

From Google: 2024-10-11 00:31:32

Asian stock markets are trading mixed as investors wait for a policy briefing on China’s economic outlook. This comes after US stocks closed lower due to concerns about inflation and interest rates. Analysts are closely watching for any updates on China’s regulatory crackdown on industries such as tech and education.

Investors are also keeping an eye on the US Federal Reserve’s upcoming Jackson Hole symposium, where policymakers may provide hints on tapering stimulus measures. Meanwhile, Japan’s benchmark Nikkei 225 index is slightly higher, while Australia’s S&P/ASX 200 is in negative territory. The Hang Seng Index in Hong Kong is also trading lower.

China’s tech giant Alibaba reported a revenue growth of 34% in the latest quarter, beating expectations. The company’s revenue reached $31.7 billion, with a net income of $6.99 billion. Alibaba’s cloud computing and e-commerce businesses contributed to its strong performance despite regulatory challenges. The company remains optimistic about future growth opportunities.

In other news, New Zealand’s economy grew by 2.8% in the second quarter, surpassing expectations. This marks the country’s fastest pace of growth in over a year, driven by strong domestic activity and exports. The positive economic data has boosted confidence in New Zealand’s recovery from the impact of the COVID-19 pandemic.



Read more at Google: Asian stocks mixed as markets wait for China policy briefing – ABC News