Investing.com– Most Asian stocks drifted higher on Thursday with focus on key U.S. inflation data for more cues on interest rates, while Chinese markets logged wild swings as Beijing flagged plans for more fiscal stimulus measures.
Regional markets took a positive lead-in from Wall Street, where the Dow Jones Industrial Average hit a record closing high after the minutes of the Federal Reserve’s September meeting showed policymakers in favor of its 50 basis point cut.
But U.S. stock index futures were flat in Asian trade, given that the minutes also showed the Fed did not commit to any pace of interest rate cuts.
Chinese stocks volatile amid doubts over stimulus
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes swung around 1% in choppy trade after a steep decline on Wednesday.
Stocks fell even after the finance ministry said it will hold a briefing this Saturday to outline plans for fiscal stimulus measures aimed at boosting growth.
The move came after a briefing held on Tuesday, regarding recent monetary stimulus measures, largely disappointed investors. Chinese markets had tumbled from two-year highs on Wednesday.
Investors turned doubtful over just how much more support Beijing will dole out, given that the country is also grappling with heightened debt levels.
Hong Kong’s Hang Seng index surged 2.5%, recovering from steep losses clocked earlier in the week. Trip.com Group Ltd (HK:9961) was the top performer on the index, surging over 5% after Citi hiked its earnings estimates for the firm.
