Surging Asian Markets: Chinese Stocks Buck the Trend

(Bloomberg) — Stocks in Asia saw a boost following a positive close on Wall Street, driven by⁢ a shift from large tech companies to smaller ones. Chinese stocks initially rose but‌ later retreated after comments from finance ⁤and housing ministers.

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China’s CSI 300 index flattened out ‌after an‍ initial increase of 1.3%. A‍ measure of Chinese real estate stocks⁢ continued to decline. China announced plans to⁤ increase funding‍ for “white list” projects to $562 ‍billion, up from⁢ $2.23 trillion already allocated. Stock benchmarks in Hong Kong also saw some gains pared back.

Australian shares climbed, while‍ Japanese stocks experienced some ‍volatility. US stock futures⁣ dipped slightly after the S&P ‌500 gained 0.5% on Wednesday. The Russell 2000 index hit its highest level in nearly⁣ three years, while the⁣ Nasdaq 100⁣ lagged behind with just a modest increase of 0.1%.

All eyes were on China as investors⁣ awaited data expected on Friday showing‍ a ‌projected 4.5% growth in the economy for the third quarter‌ compared to⁣ last ⁣year…

2024-10-16 22:18:30
Link from finance.yahoo.com