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China, H-K on Gov’t Measures



China and Hong Kong stocks surged on Tuesday as authorities in the world’s second-largest economy took measures to arrest a recent selloff in its equities, while most Asia-Pacific markets declined.

In Japan, the Nikkei 225 dropped 193.5 points, or 0.5%, to 36,160.66.

In Japan, household spending dipped more than expected in December, falling 2.5% year on year compared with the 2.1% expected by economists polled by Reuters.

The average monthly income per household for December stood at 1,099,805 yen, falling 4.4% in nominal terms and down 7.2% in real terms from the previous year.

The Bank of Japan has said sustainable wage increases are one of the prerequisites for unwinding its ultra-loose monetary policy.

In Hong Kong, the Hang Seng index roared ahead 626.86 points, or 4%, to 16,136.87.

The Reserve Bank of Australia left its official cash rate unchanged at 4.35%, as was expected. Australian markets extended losses from Monday, while the Aussie dollar strengthened 0.5% against the U.S. dollar.

CHINA

In Shanghai, the CSI 300 hiked 111.27 points, or 3.5%, to 3,311,69.

According to a statement from the China’s securities and regulatory commission, it would “guide institutional investors … to enter the market with greater efforts.” This comes at a time where a clear lack of targeted stimulus from Beijing weighed on market sentiment.

In other markets

Markets in Taiwan and New Zealand were shuttered for holiday.

In Singapore, the Straits Times Index sank 8.61 points or 0.3%, to 3,125.68.

In Korea, the Kospi index ditched 15.11 points, or 0.6%, to 2,576.20.

In Australia, the ASX 200 dropped 44.27 points, or 0.6%, to 7,581.58.



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