FX.co ★ Asian Markets Rise As China's Stimulus Cheer Offsets PCE Jitters

Equity markets in Asia responded positively to China's recent economic policy announcements, overshadowing concerns about the upcoming U.S. PCE-based inflation data release on Friday.

China's Shanghai Composite Index surged by 2.8%, closing at 3,086.08, marking its highest level in four months and recording its best week since 2008. The trading session fluctuated between a high of 3,086.14 and a low of 3,017.45. Concurrently, the Shenzhen Component Index soared by 6.7%, ending the day at 9,514.86.

In Japan, the Nikkei 225 Index climbed by 2.3%, closing at 39,829.56, with intraday movements spanning from 39,829.56 to 38,917.98. Lasertec Corp saw an impressive gain of 8.2%, followed by Isetan Mitsukoshi Holdings, which rose by 7.1%. Ebara Corp, Tokyo Electron, and Daikin Industries each increased by over 6%. Conversely, Sumitomo Mitsui Financial and Softbank Corp both fell by more than 3%, while Nichirei Corp, Resona Holdings, and Mizuho Financial Group each declined by over 2.5%.

Hong Kong's Hang Seng Index gained 3.55%, or 708 points, to close at 20,632.30, buoyed by China's liquidity-enhancing measures. The day's trading ranged from a high of 20,743.20 to a low of 20,268.63.

South Korea's Kospi Index dropped by 0.82%, or 22 points, ending the session at 2,649.79. The range of trading was between 2,649.79 and 2,681.45, with substantial declines in biopharmaceutical and auto stocks driving the index lower.

Australia's S&P/ASX200 closed 0.10% higher at 8,212.20, with the trading range between 8,203.7 and 8,225.5. Mineral Resources experienced a significant gain of 13.9%, while The a2 Milk Company rose by 8.9%. Liontown Resources, Treasury Wine Estates, and Siteminder each increased by over 8%. However, The Star Entertainment Group's shares plummeted by 44% following a second consecutive year of substantial losses. Fletcher Building dropped by 6%, and Karoon Energy and Judo Capital Holdings each decreased by over 4%, with Light & Wonder slipping by 3.7%.

New Zealand's NZX 50 Index fell by 0.27%, losing 34 points to close at 12,457.41, with trading ranging from 12,457.41 to 12,561.03. The a2 Milk Company surged by 11.3%, KMD Brands climbed by 8.7%, and Port Tauranga increased by 4.4%. Synlait Milk and Summerset Group Holdings also posted gains of nearly 4%. On the downside, Fletcher Building recorded the largest loss at 5.5%, followed by Oceania Healthcare, which fell by 5.2%. Ryman Healthcare and Skycity Entertainment decreased by 4% and 3.5%, respectively. Contact Energy, a utilities company, also dropped by 2.7%.

On Wall Street, trading concluded positively on Thursday amid robust corporate earnings and solid economic data. Durable goods orders remained unchanged in August, contrary to market expectations of a 2.6% decline. The final reading of the second quarter GDP remained at 3%, and weekly data revealed an unexpected drop in initial jobless claims. Consequently, the Nasdaq Composite rose by 0.60%, closing at 18,190.29, while the Dow Jones Industrial Average increased by 0.62%, finishing at 42,175.11.