2024-10-08 17:55:09
Markets
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Asia
Asian Markets Under Pressure Amid China's Economic Decisions
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Asian stocks fell after US losses, with focus on China's reopening and policy. Brent crude surged above $80 amid Middle East tensions, as Israel intercepted Hamas rockets. Wall Street saw tech selloff, geopolitical concerns, and smaller Fed rate hike bets. Morgan Stanley strategist turned more optimistic on cyclicals over defensives. Amazon downgraded, Jefferies warned of overly optimistic iPhone expectations. S&P 500 fell 1% after 4-week gains, Alphabet sank 2.4% on court ruling. Nvidia gained,..
New York Times - Business
China’s Policy Reversal Sparks ‘Mind Boggling’ Stock Rally
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China's government announced stimulus measures to boost the economy, including interest rate cuts, reduced mortgage down payments, and encouraging bank lending for stock purchases. This sparked a 25% rally in the CSI 300 index before the national holiday, with heavy trading. The Politburo and municipal governments also took steps to stabilize the real estate market. Market operators tested their systems in anticipation of another influx of activity.
Yahoo Finance
China’s Stock Rally Fizzles as Traders Reassess Stimulus Bets
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China's stock rally fizzles as traders question Beijing's stimulus resolve. Hong Kong shares tumble, including Hang Seng China Enterprises Index, the best performer globally. Durability of rally depends on fiscal policy announcements. China's past boom-and-bust cycles driven by retail traders' leveraged bets. UBS Global Wealth Management's head of Greater China equities says major economic reforms needed by year-end. Bloomberg provided assistance.
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Nikkei also declines - China's decision irritates markets: Hang Seng loses heavily, Asian markets under pressure
Finance
Politics
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Asian markets under pressure after China's announcement without new stimulus measures; China's CSI 300 and Hong Kong's Hang Seng Index heavily affected; Samsung disappoints with quarterly forecasts.
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