08/30/2024 – 5:49
By André Marinho
São Paulo, 08/30/2024 – Asian stock markets closed higher today, amid renewed hope for stimulus measures for China’s weakened real estate market. Reduced fears of a recession in the United States also helped maintain the benign outlook.
The Chinese government is considering allowing homeowners to refinance mortgages to curb borrowing costs and boost consumption, according to a report by Bloomberg released during the early hours of the morning.
In response, shares in the sector soared in Hong Kong: Shimao Group jumped 10.53% and China Vanke advanced 9.89%. The Hang Seng index ended the session up 1.14%, at 17,989.07 points. Electric vehicle manufacturers BYD (+5.98%) and Li Auto (+7.79%) were also among the highlights, recovering after the previous day’s sharp drop in the wake of earnings reports.
In mainland China, the Shanghai Composite Index rose 0.68% to 2,842.21 points, while the smaller Shenzhen Composite Index rose 2.24% to 1,544.23 points. The offshore yuan strengthened to its highest level in more than a year against the dollar on Tuesday.
The improved mood in the region also reflected the reduced chances of a sharp deterioration in US activity, after the second reading of gross domestic product (GDP) showed growth of 3.0% in the second quarter, more than originally reported. Jobless claims fell last week. Now, the focus of global markets turns to the consumer expenditures (PCE) price index for July, which will be released this morning.
In this scenario, the Nikkei in Tokyo rose 0.74% to 38,647.75 points. In Seoul, the Kospi gained 0.45% to 2,674.31 points, while the Taiex in Taiwan rose 0.30% to 22,268.09 points. Taiwan Semiconductor Manufacturing (TSMC) rose 0.11% after being penalized yesterday by the negative repercussions of rival Nvidia’s balance sheet.
In Oceania, the S&P/ASX 200 index, a benchmark in Sydney, rose 0.58% to 8,091.90 points, approaching a record high.
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