Asia stocks jump on China stimulus optimism, RBA holds rates steady
Investing.com-- Most Asian stocks jumped on Tuesday with Chinese shares rallying on optimism around more stimulus measures from the world’s second largest economy, while the Reserve Bank of Australia held interest rates steady, as expected.
Optimism over Chinese stimulus saw Asian markets largely brush off a weak lead-in from Wall Street, as losses in technology shares dragged U.S. benchmarks off record highs. U.S. stock index futures were flat in Asian trade, ahead of keyThis optimism spread to other Asian markets as well, as regional investors were hopeful that China's measures to boost its sluggish economy will support global demand.
Additionally, markets such as Japan and South Korea also showed signs of positive movement, reflecting broader regional optimism. Japan’sindex rebounded 2.4% after sharp declines in the previous session. Investors looked past some fears surrounding an ongoing political crisis in the country, after a tumultuous week which saw South Korea's President Yoon Suk Yeol's failed attempt to impose martial law in the country.steady at a 12-year high of 4.
The RBA stated that its top priority is to bring inflation back to its target range of 2% to 3% annually. It also expressed growing confidence that inflation is gradually moving toward this target.were largely unchanged after the decision, and was last down 0.2%, as sharp gains in miners were countered by a slump in technology shares.
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