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Asian markets rally but China's latest stimulus leaves traders wanting
Asian markets rose Thursday following a healthy run on Wall Street, with Chinese investors giving a cautious welcome to Beijing's latest plan to boost the country's troubled property sector.
Hong Kong and Shanghai finished the morning session on a positive note after China's housing minister outlined a fresh batch of measures in the latest bid to convince traders the government was getting a handle on a painful real-estate crisis.
The world's number two economy has struggled to recover since lifting strict Covid controls at the end of 2022, battered by a debt crisis in the property sector and torpid consumer demand.
Authorities announced a series of piecemeal measures in that time to little effect, but last month's raft of pledges sparked blockbuster rallies on the mainland and Hong Kong on hopes that even more were in the pipeline.
But news conferences last Tuesday and Saturday took the wind out of those sails and led to a fresh bout of volatility in trading floors.
And analysts said the latest briefing from housing minister Ni Hong also fell short.
Ni said Thursday that officials would almost double the amount of credit available to complete unfinished housing projects to $562 billion and also help renovate a million homes.
The move, he said, would "be conducive to absorbing the existing stock of commercial housing".
But SPI Asset Management analyst Stephen Innes said: "They're still trying to talk the talk, with more noise about stabilising the property market.
"As the briefing rolled on, it was clear: traders were not thrilled.
"Let's be honest, though -- China's property mess isn't something that can be patched up with a few speeches and half-baked measures."
Hong Kong ended the morning 0.9 percent higher and Shanghai added 0.1 percent but they were both well off their earlier highs.
There were also gains in Sydney, Singapore, Wellington, Taipei, Mumbai, Bangkok, Jakarta and Manila, though Tokyo extended Wednesday's losses.
The gains followed another strong lead from New York, where small-cap stocks rose as investors shifted out of big-name firms such as Amazon, Apple and Microsoft, which have soared this year on the back of demand for all things linked to artificial intelligence.
US investors also welcomed strong earnings from Morgan Stanley and United Airlines that helped offset a decision by Dutch tech giant ASML to cut its 2025 guidance and forecast a slump in sales bookings, which sparked worries over the outlook for the sector.
- Key figures around 0400 GMT -
Tokyo - Nikkei 225: DOWN 0.5 percent at 38,982.49
Hong Kong - Hang Seng Index: UP 0.9 percent at 20,460.86
Shanghai - Composite: UP 0.1 percent at 3,205.95 (break)
Euro/dollar: DOWN at $1.0853 from $1.0859 on Wednesday
Pound/dollar: UP at $1.2987 from $1.2986
Dollar/yen: DOWN at 149.57 yen from 149.63 yen
Euro/pound: DOWN at 83.57 pence from 83.62 pence
West Texas Intermediate: UP 0.3 percent at $70.61 per barrel
Brent North Sea Crude: UP 0.3 percent at $74.43 per barrel
New York - Dow: UP 0.8 percent at 43,077.70 (close)
London - FTSE 100: UP 1.0 percent at 8,329.07 (close)
Ch.Havering--AMWN