China Stocks Mixed as Beijing Announces Proactive Fiscal Measures
China stocks were mixed on Tuesday, amid broader gains in Asia-Pacific markets, following losses on Wall Street. The CSI 300 index rose 0.74% to 3,995.64, while Hong Kong’s Hang Seng index was down 0.2%. The announcement of Beijing’s “more proactive” fiscal measures and “moderately” looser monetary policy next year sent the Hang Seng index nearly 3% higher on Monday evening.
Mainland China’s 10-year bond yield hit a record low of 1.893%, while South Korea’s benchmark Kospi gained 2.43% to 2,417.84, its best day in almost three months. The small-cap Kosdaq surged 5.52% to 661.59 as investors monitored the country’s political situation.
Australia’s S&P/ASX 200 closed 0.36% lower to finish at 8,393, after the Reserve Bank of Australia held its benchmark rate at 4.35% for the 10th consecutive time. Japan’s Nikkei 225 climbed 0.53% to 39,367.58, while the Topix gained 0.25% to 2,741.41.
On Wall Street, the broad market S&P 500 fell 0.61% to close at 6,052.85, and the tech-heavy Nasdaq slid 0.62% to end at 19,736.69. The Dow Jones Industrial Average shed 240.59 points, or 0.54%, settling at 44,401.93.
AI bellwether Nvidia saw its shares drop about 2.6% after a Chinese regulator announced an investigation into the company for potentially violating the country’s antitrust law. Advanced Micro Devices, another chipmaker, closed 5.6% lower, while tech giants Meta Platforms and Netflix also struggled. Bitcoin prices retreated after topping $100,000 for the first time ever last week, a sign that investors might be souring on risk assets.
