China's commitment to fiscal support, which has significantly bolstered investor confidence across the region. On September 26, 2024, reports indicated that China plans to inject up to $142 billion into state banks as part of its broader fiscal stimulus strategy .This initiative aims to enhance domestic consumption and address ongoing economic stagnation. As a result, technology shares experienced notable gains, reflecting a robust appetite for risk among investors. The Stoxx 600 in Europe rose by 1%, while Nasdaq futures also advanced .
The Stoxx 600 gauge in Europe rose 1% and Nasdaq 100 futures advanced after a strong revenue forecast from Micron Technology Inc. fueled a late-trading rally for the stock. A measure of Asian equities surged around 2%. US Treasuries and the dollar were steady.
Europe that are most exposed to its economy. Some analysts had questioned whether monetary stimulus unveiled earlier in the week would be sufficient amid concerns over deflation and weak consumption.
Japan were closed on Monday for a public holiday.
Japan’s monetary policy remained in the spotlight after the Bank of Japan announced on Friday that it would keep its benchmark rate unchanged at 0.25%.
That weakened the Japanese yen, which tumbled back from last week’s peak of around 140 to the U.S. dollar. The dollar was trading at 143.98 yen on Monday.
Elsewhere, Australia’s S&P/ASX 200 lost 0.7% to 8,152.90. The Reserve Bank of Australia begins a two-day policy meeting on Monday.
South Korea’s Kospi climbed 0.3% to close at 2,602.02.
On Friday, the S&P 500 slipped 0.2% from its record, closing at 5,702.55. The Nasdaq composite fell 0.4% 17,948.32. The Dow Jones Industrial Average, meanwhile, added 0.1% to close at another record high, at 42,063.36.
Overnight in the U.S., both the Dow Jones Industrial Average and S&P 500 slid and retreated from their latest records. The broad-based index lost 0.19%, while the 30-stock Dow fell 0.7% despite hitting fresh records in early trading.
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