Yahoo Finance Asian Stocks Rise as China Signals More Stimulus Ahead
Investing.com - Asian stocks rose in morning trade on Thursday as China’s leaders signalled more stimulus measures are being planned.
Beijing should take steps to counter recent changing economic situation as downward pressure is increasing, according to a statement from a Politburo meeting chaired by President Xi Jinping. His comments came after data on Wednesday showed China’s manufacturing sector expanded at a slower pace in October.
The country’s official Purchasing Managers’ Index (PMI) fell to 50.2 in October from 50.8 in September, while markets previously expected the reading to ease slightly to 50.6.
The Shanghai Composite and the Shenzhen Component gained 1.2% and 2.2% respectively by 9:40 PM ET (01:40 GMT).
President Donald Trump's economic advisor Larry Kudlow told CNBC in an interview that nothing is “set in stone” on whether the U.S. would impose more tariffs on China.
Trump has previously hinted that he may slap tariffs on all remaining Chinese imports if talks between the two nations do not go well in November.
"It is possible some good positive things could — I say could — come out of President Trump-President Xi talks. It's possible," Kudlow said.
Elsewhere, Japan’s Nikkei 225 fell 0.7%, while South Korea’s KOSPI traded 0.6% higher.
Down under, Australia’s ASX 200 inched up 0.1%. National Australia Bank Ltd (AX:NAB) reported a 14% fall in annual cash earnings on Thursday.
Cash earnings came in at A$5.70 billion ($4.0 billion) for the year ended Sept. 30, compared with an average estimate of A$5.76 billion.
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