Chinese shares erased a drop to advance in volatile trading as investors weighed the impact of measures announced by the Finance Ministry to revive growth.
The onshore equities benchmark rallied as much as 1.7%. The yuan declined along with oil, reflecting skepticism among some traders that Beijing’s latest efforts will be enough to jumpstart growth.
European stock futures were steady while US contracts slipped, as did the euro. While China’s Finance Minister Lan Fo’an vowed more support for the real estate sector at a keenly anticipated weekend briefing, he did not produce a headline monetary stimulus figure.
The focus is now turning to the next major policy briefing in the coming weeks — from the Communist Party-controlled parliament that oversees the budget — for details of more support.
“Sentiment is back to being hopeful, but will also get into a seeing-is-believing mode to await actual numbers and more details on consumption and property measures, which were lacking,” said Xin-Yao Ng, an investment director at abrdn Asia Ltd. “MOF did everything within their purview to give market hope to look forward to.”
