Investing.com– Most Asian stocks moved in a flat-to-low range on Tuesday as Chinese markets struggled after recent fiscal measures from Beijing underwhelmed, with focus turning to an upcoming U.S. inflation reading this week.
Risk appetite was seen mostly cooling after global stock markets clocked strong gains in the immediate aftermath of a Donald Trump victory in the 2024 presidential election.
Regional markets took middling cues from a mildly positive overnight close on Wall Street, with U.S. stock benchmarks rising slightly to record highs. U.S. stock index futures were flat in Asian trade, as investors speculated over just what a Trump victory will entail for economic policy.
Focus this week is also on key U.S. consumer price index inflation data, for more cues on interest rates. A slew of Federal Reserve officials are also set to speak in the coming days.
Chinese stocks struggle with stimulus in focus
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose marginally on Tuesday, while Hong Kong’s Hang Seng index fell 0.7%, extending steep losses from the prior session.
Chinese markets struggled for direction as investors were little impressed by Beijing announcing a 10 trillion yuan ($1.6 trillion) in debt measures to support local governments.
But the measure was expected to offer little direct support to the economy. Investors were also disappointed by a lack of fiscal measures targeted at shoring up personal consumption and supporting the property market.
Media reports on Tuesday said China planned to slash homebuying taxes to support the property market, although stocks appeared to have taken little support from the report.
