Asian markets climbed on Thursday, driven by optimism among Chinese investors following a briefing in Beijing that pledged support for the struggling housing sector.
Chinese stocks gained after officials announced expanded financing for housing projects to help reverse the property market downturn, which was caused by a crackdown on excessive developer borrowing.
In Hong Kong, the Hang Seng index rose 0.9% to 20,460.86, while the Shanghai Composite edged up 0.1% to 3,205.95.
China is set to release its third-quarter economic growth figures on Friday, with economists predicting annual growth of around 4.5%, below the government’s target of approximately 5%.
Meanwhile, Japan’s Nikkei 225 slipped 0.6% to 38,950.18 after a report showed the country’s exports fell 1.7% year-over-year in September, deepening the trade deficit.
Elsewhere in Asia, South Korea’s Kospi dipped 0.2% to 2,606.23, while Australia’s S&P/ASX 200 gained 0.6% to 8,337.60. Taiwan’s Taiex rose 0.3%, and India’s Sensex declined 0.3%. In Thailand, the SET advanced 0.7% following a quarter-point interest rate cut by the central bank to 2.25%.
On Wall Street, stocks surged as better-than-expected earnings from Morgan Stanley and United Airlines offset declines in tech stocks. The S&P 500 climbed 0.47% to 5,842.47, the Nasdaq Composite increased 0.28% to 18,367.08, and the Dow Jones Industrial Average rose 0.79% to a record high of 43,077.70.
