A customer watches the stock market at the stock exchange in Hangzhou, China, on September 27, 2024.
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SINGAPORE – Chinese stocks surged more than 10% at the open on Tuesday as Beijing’s stimulus measures continued to rise after the Golden Week holiday.
The CSI 300 Index rose 10.2% in early trading, then gave up some of its gains, recording a gain of about 5.5%. However, Hong Kong’s Hang Seng Index briefly plummeted by more than 10% before recovering slightly.
Other Asia-Pacific markets were mostly lower on Tuesday as investors focused on Japan’s August wage and spending data.
Japan’s Household Expenditures The actual annual decline in August was 1.9%, which was slower than the 2.6% decline expected by a Reuters poll of economists.
It was the fastest decline since January, when it fell 6.3% annually. The drop also comes before spring wage talks delivered Japan’s biggest pay rises for unionized workers in 33 years.
However, real wages rose in August, with figures from the National Bureau of Statistics showing wages rose 2% to an average of 574,334 yen ($3,877.44).
U.S. stocks fell overnight as rising oil prices and higher bond yields weighed on sentiment.
The Dow Jones Industrial Average fell 0.94% and the S&P 500 fell 0.96%. The Nasdaq fell the most, down 1.18%.
The benchmark 10-year Treasury yield rose to 4.02%, the first time since August that it topped 4%.
Oil prices also rose as tensions in the Middle East remained high. U.S. crude oil prices rose more than 3% to settle above $77 a barrel.
—CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.
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