Asian stocks rise on China stimulus cheer; Australia lags before RBA
Investing.com-- Most Asian stocks rose on Tuesday with Chinese markets leading gains on reports of more stimulus measures from Beijing, while Australian markets lagged before a Reserve Bank meeting.
Most Asian markets were sitting on strong gains from the past week, as investors cheered a bumper interest rate cut by the Federal Reserve. Focus this week is on more cues from the Fed and the U.S. economy.Chinese officials unveiled a slew of planned measures to further spur economic growth, with the People’s Bank set to cut reserve requirements for banks by 50 basis points to unlock more liquidity.
Tuesday’s moves come after the PBOC had on Monday cut a short-term repo rate to further boost liquidity. The moves are aimed squarely at shoring up economic growth, as the Chinese economy struggles with persistent disinflation and an extended property market downturn.
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