A customer watches the stock market at the stock exchange in Hangzhou, China, on September 27, 2024.
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SINGAPORE – Gains in Chinese markets lost steam on Tuesday after a briefing from China’s National Development and Reform Commission did not provide any details on further stimulus measures.
Although mainland China’s CSI 300 index surged more than 10% at the opening on Tuesday after the Golden Week holiday, the index later pared gains to 5%.
Hong Kong Hang Seng Index It briefly plunged more than 10% before recovering slightly to a smaller drop of 6.4%.
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.
this Dow Jones Industrial Average fell 0.94%, while S&P 500 Index down 0.96%. this Nasdaq Index The largest decline occurred, down 1.18%.
benchmark 10-Year Treasury Bond Yield It rose to 4.02%, which was the first time the yield exceeded 4% since August.
Oil prices also rose as tensions in the Middle East remained high. U.S. crude oil rose more than 3% Settled to over $77 per barrel.
—CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.
