Arab Today, arab today asian shares follow wall street rally after china easing
Last Updated : GMT 13:22:57
Arab Today, arab today
Arab Today, arab today

Asian shares follow Wall Street rally after China easing

Arab Today, arab today

Arab Today, arab today Asian shares follow Wall Street rally after China easing

Residential district in Shanghai
Hong Kong - AFP

Asian markets rallied Tuesday, led by Hong Kong and Shanghai after China's decision to ease mortgage rules fuelled hopes for further stimulus measures, while improved confidence weighed on the safe-haven yen.
Traders were given another strong lead from Wall Street, where the three main indexes surged more than one percent, supported by the Chinese move while dealers are awaiting key US jobs data at the end of the week.
Hong Kong climbed 1.03 percent, Shanghai gained 0.88 percent Tokyo added 0.65 percent, Seoul put on 0.40 percent and Sydney jumped 1.40 percent after tumbling Monday.
Regional investors picked up where their counterparts in New York and Europe left off after the People's Bank of China on Monday lowered minimum downpayments on second homes from 60-70 percent to 40 percent in a bid to boost the slowing economy.
The announcement came after the bank's head Zhou Xiaochuan at the weekend hinted at fresh measures to fend off deflation, while Premier Li Keqiang said at the start of the month the government had the firepower to support the economy.
"Investors continue to work on the expectation that the People's Bank of China will deliver more policy reports in coming months and that the US (Federal Reserve) will be cautious about its policy deliberations," Matthew Sherwood, head of investment markets research in Sydney at Perpetual Ltd, told Bloomberg News.
On Wall Street the Dow rose 1.49 percent, the S&P 500 gained 1.22 percent and the Nasdaq advanced 1.15 percent. And in Europe the Frankfurt DAX 30 jumped 1.83 percent, the CAC 40 in Paris ended 0.98 percent higher and London's FTSE 100 climbed 0.53 percent.
In currency markets the yen, which is considered a safer bet in times of uncertainty, edged down.
The dollar was at 120.25 yen early Tuesday, down from 120.18 yen in New York.
The euro currency bought $1.0827 and 130.16 yen on Tuesday against $1.0825 and 130.10 yen in US trade.
The single currency is holding up as dealers hold out hopes for progress toward an agreement between Greece and its creditors over its bailout negotiations.
Experts from the IMF and the EU are scrutinising a list of proposed reforms put forward by Athens to try to unblock a new 7.2-billion-euro tranche of loans and avoid a debt default.
But Greece was told the list needs more work and details. "We're not there yet," European Commission spokesman Margaritis Schinas warned.
However, he added, "the fact that experts worked through the entire weekend and continue today is a positive sign."
Oil prices edged down, with speculation growing that a possible nuclear deal being hammered out between Iran and the international community could see sanctions on the country lifted, leading to more oil hitting global markets.
US benchmark West Texas Intermediate eased 62 cents to $48.06 while Brent fell 53 cents to $55.76.
Gold fetched $1,186.76 against $1,185.40 late Monday.

 

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