Asia stocks jump on China stimulus optimism, RBA rate decision awaited

From Investing.com: 2024-12-09 22:04:40

Chinese shares rallied on optimism over more stimulus measures, driving most Asian stocks higher. China signaled commitment to fiscal stimulus and looser monetary policies. This came as U.S. markets saw losses in tech shares. South Korea’s market rebounded, while Japan and Singapore also showed positive movements. RBA’s rate decision awaited.

The Shanghai index surged 1.6%, Hong Kong’s index jumped over 2%, and other Asian markets also benefited from the optimism. Investors are hopeful that China’s measures will boost the global economy amidst fears of a U.S.-China trade war. Japan’s market was up 0.2%, while South Korea’s index rebounded 2.4%.

Australia’s market fell 0.4% as miners rose on China’s stimulus news, but technology shares slumped. The RBA is expected to keep rates unchanged but may adjust its stance amid weakening economic conditions. Mining giants like Rio Tinto, BHP Group, and Fortescue surged, while tech shares tracked losses on the U.S. tech-heavy index.



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