Investing.com– Most Asian markets fell on Tuesday, tracking overnight weakness in Wall Street as strength in the U.S. job market drove bets that interest rates will remain relatively high.
Chinese markets vastly outperformed their peers, rising sharply as trade resumed after a week and as investors reacted to a barrage of stimulus measures from Beijing.
Other Asian markets took a weak lead-in from Wall Street, which fell sharply as traders priced in the prospect of a smaller rate cut in November. U.S. stock index futures were muted in Asian trade.
Asian technology stocks saw the biggest losses on Tuesday, tracking overnight weakness in their U.S. peers amid some regulatory jitters and negative analyst comments.
Chinese markets surge on stimulus cheer
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose between 6% and 8% in early trade after opening up as high as 13%.
Trade resumed after the Golden Week holiday, with investors buying into Chinese markets after Beijing announced a slew of major stimulus measures to boost economic growth.
Chinese officials are set to hold a briefing later on Tuesday to outline how they plan to implement more stimulus measures.
Before the Golden Week holiday, the Chinese government had rolled out a string of stimulus measures, including interest rate cuts, smaller reserve requirements for banks, looser property market rules and liquidity measures aimed at the stock market.
Buying into China was also driven by a heavy dose of bargain hunting, given that the country’s benchmark indexes slipped to a seven-month low in September.
