Morning Bid: China stimulus gets mixed reviews
Beijing's latest stimulus pledges were met on Monday with a mixed and volatile response in Chinese stocks, with investors showing no consensus view on promises over the weekend that were long on intent but short on details.
The sweeping measures - from helping local governments tackle their debt problems to supporting the property market and replenishing state banks' capital - underscored policymakers' commitment to supporting the ailing Chinese economy. Shares of European luxury goods companies will be in focus given the attention to China, with a gauge of 10 top European luxury stocks already up nearly 9% since Sept. 24, when Beijing unveiled its most aggressive stimulus since the pandemic.
Remarks from the Federal Reserve's Neel Kashkari and Christopher Waller are expected later on Monday, and there is strong interest in what they might say about the central bank's rate outlook.
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