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Markets

Asia stocks higher on China stimulus hopes; Hang Seng rallies 2%

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Investing.com - Asian stock markets were broadly higher on Tuesday, with shares in China and Hong Kong leading gains amid hopes Beijing will introduce fresh easing measures to boost economic growth.

During late Asian trade, Hong Kong's Hang Seng Index rallied 2.2%, Australia's ASX/200 Index ended 0.3% higher, while Japan's Nikkei 225 Index closed up 0.8%.

In Hong Kong, the Hang Seng rallied sharply after Chinese Premier Li Keqiang said that the government would take action to make sure economic growth does not go below the 7%-threshold.

The China banking sector were among the biggest gainers on the index, with China Construction Bank shares surging 4.3%, Industrial and Commercial Bank of China jumped 4.1% and China CITIC Bank rallied 5.1%.

Shares in raw material producers contributed to gains after gold and copper prices advanced, boosting earnings prospects for miners.

Zijin Mining Group climbed 4.9%, while Jiangxi Copper Company rose 5.1%.

In earnings news, Chinese telecommunications firm ZTE Corporation soared 16.5% after reporting its first-half results.

Asia's largest economy is scheduled to release data on manufacturing sector activity on Wednesday.

Meanwhile, in Tokyo, the Nikkei reversed earlier losses to end mildly higher after the government raised its assessment of the domestic economy for the third consecutive month in July.

Elsewhere, in Australia, the benchmark ASX/200 Index edged higher to hit a two-month high before paring some gains.

Looking ahead, European stock market futures pointed to a modestly higher open.

The EURO STOXX 50 futures pointed to a gain of 0.2% at the open, France's CAC 40 futures rose 0.1%, London's FTSE 100 futures eased up 0.2%, while Germany's DAX futures pointed to a flat open.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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