Asian stocks rose as traders bet that China’s latest property stimulus measures will aid the economy and data suggested that US interest rates may be approaching a peak. Hong Kong benchmark indexes outperformed the region as investors resumed trading after a closure on Friday. Real estate stocks extended their advance, with China’s property shares gauge rising above 5% on stimulus measures taken to bolster the sector. Other major indexes also gained, putting a regional equity benchmark on track for its highest close since mid-August. Futures for US equities steadied after the S&P 500 Index had its best week since June last week. Expectations that supply cuts by OPEC+ leaders will tighten the market sent West Texas Intermediate crude to its eighth straight day of advance and heading for the highest close since November. Brent also rose, moving toward $90. US markets are shut Monday for the Labor Day holiday. The Chinese government last week said it will allow the nation’s largest cities to cut down payments for home buyers and encouraged lenders to lower rates on existing mortgages. The nationwide minimum down payment will be uniformly set at 20% for first-time buyers and 30% for second-time purchasers. Beijing and Shanghai followed through by lowering mortgage requirements for some homebuyers, while home transactions in China’s biggest cities soared over the weekend. The recent measures have the potentials to “help restore homebuyers’ sentiment, moderately alleviate household interest payment pressure and pave the way for 4Q sales pick-up beyond seasonality,” according to Yi Wang, an analyst at Goldman Sachs Group Inc. Sentiment was further propped up by news that distressed Chinese builder Country Garden Holdings Co. won approval from creditors over the weekend to extend a maturing yuan bond. Its shares jumped. However, the developer has just days to avoid default on some dollar bonds. The dollar ticked lower after gaining Friday against major peers. There is no trading of cash Treasuries due to the US holiday. This year’s US stock market rally is strong enough to withstand another leg higher for bond yields, according to the latest Markets Live Pulse survey. Also, just over 50% of survey takers expect the positive relationship between equities and bonds to turn negative by the end of this year, reverting to the long-term trend of this century. Elsewhere, key rate decisions for central banks are scheduled in Australia and Malaysia this week with rates expected to remain on hold. Traders will also be monitoring China’s trade and inflation data due later this week that will likely signal that the economy’s recovery remains fragile, keeping pressure on policymakers to roll out more stimulus.
Nikkei +0.56% Hang Seng +2.31% CSI +1.30% Shanghai +1.11% Shenzen +1.02%
Eur$ 1.0784 CNH 7.2656 CNY 7.2651 JPY 146.18 GBP 1.2602 CHF 0.8848 RUB 96.3331 TRY 26.7286 WTI$ 85.65 Gold 1945 BTC 25,995 ETH 1,637.5 -0.31%
S&P +0.06% Nasdaq +0.17% EuroStoxx +0.39% FTSE +0.43% Dax +0.25% SMI +0.20%
Macro :
- Country Garden Gets Approval to Extend Yuan Bond Repayment
- Country Garden Has Just Days to Avoid Default on Dollar Bonds
- Airbnb, Blackstone to join S&P 500, while Deere will replace Walgreens in S&P 100
- UK Nears Deal on £500 Million Support for Tata Steel, Sky Says
- Saudi’s PIF Takes Control of Country’s Top Steel Producers
- Higher-for-Longer Mantra Starts to Weigh on Emerging-Market Debt
Keep an eye on :
Keep an eye on :
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