Asian shares were mostly higher as China’s leaders commenced a significant meeting anticipated to introduce new measures to support the world’s second-largest economy.
The Standing Committee of China’s National People’s Congress is convening this week, with analysts predicting that the government may approve substantial spending initiatives aimed at stimulating economic growth.
Hong Kong’s Hang Seng rose 0.2% to 20,542.88, and the Shanghai Composite index gained 0.5% to 3,289.21. Markets in Tokyo were closed for a public holiday.
Oil prices rose by more than $1 per barrel after OPEC+ announced an extension of production cuts through the end of the year, though no specific reason was provided for the decision, which came ahead of the U.S. presidential election on Tuesday. Brent crude, the global benchmark, climbed $1.15 to $74.25 a barrel.
Elsewhere, Australia’s S&P/ASX 200 increased by 0.6% to 8,164.60, and South Korea’s Kospi surged 1.4% to 2,577.53. Taiwan’s Taiex advanced 0.8%, while India’s Sensex fell by 1.8%
