Asian stocks surge on China's economic stimulus

Tuesday, 15. January 2019 08:14

Investors were upbeat on Tuesday in the stock trading session in the Asia-Pacific region, shifting sentiment from a drop in Wall Street. Risk appetite was helped by Richard Clarida, vice chairman of the Federal Reserve, who brushed off the notion that a recession is looming and signaled policymakers would scale back further their outlook for increases in the benchmark interest rate range. Optimism turned up substantially more after China's government officials unveiled a strategy for tax relief this year together with a cut in regulations and opening up for foreign investment.

Japan's Nikkei 225 index finished 0.96% higher as a drop in the yen, one of the most conventional safe haven assets, boosted the valuations of listed companies which lean on foreign income. The dollar jumped 0.46% to ¥108.6965 and slipped 0.09% to 6.757 offshore yuan at 8:13 am CET.

In the most populous nation, the Shanghai Composite grew 1.33% at 7:55 am CET and the Shenzhen Composite was looking to close 1.45% up. The Hang Seng was 1.84% higher in Hong Kong. South Korea's Kospi soared 1.59% and the S&P/ASX increased 0.71% for the day.

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