On Tuesday, the Hang Seng Index in Hong Kong rose 3% after China’s Politburo committed to “adjust and optimize policies in a timely manner” for the ailing housing sector of the country. Beijing’s top decision-making body also promised to “elevate stable employment to a strategic goal,” as well as to other promises to stimulate spending …
On Tuesday, the Hang Seng Index in Hong Kong rose 3% after China’s Politburo committed to “adjust and optimize policies in a timely manner” for the ailing housing sector of the country. Beijing’s top decision-making body also promised to “elevate stable employment to a strategic goal,” as well as to other promises to stimulate spending and address debt issues. This comes after last week’s poor economic data spurred renewed requests for policy intervention to boost growth.
Mainland Chinese stocks rose as well, with the Shenzhen Component rising over 2% and the Shanghai Composite rising 1.18%. Other Asian markets were mainly up as well. South Korea’s Kospi traded near the flatline, while Kosdaq gained 1%. This comes after the country’s second-quarter GDP increased by 0.9 YoY, sourced from preliminary estimates.
The ASX 200 in Australia extended its gains from Monday, increasing to 0.33%. However, the Japan Nikkei 225 dipped 0.18% while Topix increased by 0.13%. In the U.S., all three major indices advanced overnight, the Dow Jones Industrial Average extending its winning streak to 11 days.
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