Investing.com– Most Asian stocks rose on Wednesday with technology shares tracking gains in their U.S. peers, while Chinese markets fell sharply as investors were disappointed by a lack of details on more stimulus measures.
Regional markets took a positive lead-in from Wall Street, as a rally in technology stocks helped spark overnight gains.
But U.S. stock index futures were muted in Asian trade, with focus turning to more cues on the Federal Reserve and inflation, which are due in the coming days. Bets on a slower pace of U.S. rate cuts had dented stock markets at the beginning of the week.
Chinese stocks slide as stimulus rally fizzles
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were by far the worst performers on Wednesday, falling more than 4% each from two-year highs.
Chinese markets had risen sharply on Tuesday as trade resumed after the Golden Week holiday, and as investors cheered a slew of stimulus measures announced by the government in late-September.
But the stock rally fizzled out by the end of Tuesday, especially as China’s top economic regulator gave scant cues on how the new stimulus measures- which include proposed rate cuts, lower reserve requirements and more liquidity support- will be implemented.
Markets were also disappointed by a lack of targeted fiscal measures, which Beijing has largely declined to implement despite repeated calls from investors.
The measures announced in late-September were all geared toward monetary stimulus, which Beijing has repeatedly rolled out over the past two years, to middling effect.
