Customers watch the stock market at the stock exchange in Hangzhou, China, on September 27, 2024.
Costfoto | Nurphoto Getty Images
SINGAPORE – A rally in Chinese markets faded on Tuesday after a briefing from the country’s National Development and Reform Commission provided few details on further stimulus.
While mainland China’s CSI 300 skyrocketed more than 10% at Tuesday’s open on its return from the Golden Week holiday, the index rose 5% on the session.
Hong Kong’s Hang Seng index briefly fell more than 10%, before recovering slightly to 6.4%.
Other Asia-Pacific markets were largely down on Tuesday, with investors watching August payments and dumping data from Japan.
Household spending in Japan fell 1.9% year-on-year in August in real terms, lower than the 2.6% decline expected by a Reuters poll of economists.
The decline was the fastest since January, which saw a 6.3% year-over-year decline. The drop also came before spring wage negotiations resulted in the biggest pay increase for unionized Japanese workers in 33 years.
However, real wages rose in August, with data from the country’s statistics bureau showing that wages rose 2% to an average of 574,334 yen ($3,877.44).
Overnight in the US, stocks fell as higher oil prices and higher Treasury yields weighed on market sentiment.
The Dow Jones Industrial Average fell 0.94%, while the S&P 500 fell 0.96%. The Nasdaq Composite suffered the biggest losses, falling 1.18%.
The benchmark 10-year Treasury yield rose to 4.02%, marking the first time since August that it has yielded 4%.
Oil prices also rose as tensions in the Middle East remained high. U.S. crude rose more than 3% to settle above $77 a barrel.
— CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.
