Investing.com– Most Asian stocks moved in a flat-to-low range on Thursday as a rally on the back of Donald Trump winning the 2024 U.S. election now cooled, with focus turning to more stimulus measures in China and an upcoming Federal Reserve meeting.
While most Asian markets rose sharply on Wednesday, Chinese stocks lagged on the prospect of stricter trade tariffs against the country.
A meeting of China’s National People’s Congress, which began earlier this week, is now in focus for more cues on fiscal stimulus.
Regional markets took limited positive cues from a stellar overnight session on Wall Street, as U.S. benchmark indexes shot up to record highs after Trump’s victory.
U.S. stock index futures steadied in Asian trade, with investors looking to the conclusion of a Fed meeting later on Thursday for more cues on interest rates.
The Fed is widely expected to cut interest rates by 25 basis points. But its outlook on rates remains uncertain in the face of a Trump presidency and recent stickiness in inflation.
Chinese stocks drift higher, NPC meeting in focus
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose 0.4% each, while Hong Kong’s Hang Seng index added nearly 1%, recovering from mild losses made on Wednesday.
Chinese markets have so far remained resilient despite the implications of a Trump presidency, given that Trump has vowed to impose a 60% trade tariff on all Chinese imports.
Beijing congratulated Trump on the victory, while the president-elect also reportedly spoke with Chinese President Xi Jinping over the phone.
