Asian stocks improves on Chinese markets, Japan’s Nikkei reaches near highs since 1990
- Asian markets rose across the board following upbeat Chinese markets.
- Chinese property shares boost on expectations of additional government stimulus measures.
- PBoC injected around 80 billion Yuan of liquidity into the markets.
- Australia's ASX 200 rose on improved commodity stocks ahead of RBA’s meeting minutes.
Asian shares saw gains on Monday, buoyed by a rebound in Chinese markets driven by expectations of additional government stimulus measures. The People's Bank of China (PBoC) injected around 80 billion Yuan of liquidity into the markets.
As of now, China's SSE Composite Index is showing a gain of 0.54% at 3,070, while the Shenzhen Component Index has improved by 0.63% to 10,042. Japan’s Nikkei 225 has risen to 33,403, up by 0.54%. Hong Kong’s Hang Seng is at 17,716, and the Korean KOSPI has risen to 2,495. However, Taiwan's Weighted Index has dipped by 0.13% to 17,185.
Despite the positive momentum, gains were limited as investors awaited the Federal Open Market Committee (FOMC) minutes scheduled for Tuesday. The minutes are anticipated to offer insights into the Fed's stance on inflationary pressure and its approach to monetary policy.
Chinese stocks experienced a boost from a rebound in property stocks, following regulators' commitment to providing more policy support to the struggling real estate sector. Moreover, the interest rate decision in China, with the PBoC keeping its loan prime rate at 3.45%, provided few cues to the markets.
Australia's ASX 200 showed a 0.13% rise, with support from strength in commodity stocks. The focus shifted to the Reserve Bank of Australia's (RBA) November meeting minutes for additional insights into monetary policy.
Japan's Nikkei 225 remained flat post reaching near highs since 1990, fueled by strong earnings and foreign investors attracted by the Bank of Japan's dovish stance and asset control measures.