Stock market today: Asian shares gain as China releases plan for market support

Associated Press Finance10-18

BANGKOK (AP) — Asian shares have mostly gained after China’s central bank released plans for supporting the stock market through share repurchases by companies and major shareholders. Beijing also ...

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The world's second-largest economy expanded at a 4.6% annual pace in July-September, down slightly from 4.7% in the previous quarter.Growth so far this year has averaged to 4.8%, below the official target of about 5%, as weakness in the property market has continued to weigh on demand.The loans, which can be made only by 21 designated financial institutions, will have a maximum interest rate of 2.25%, the People’s Bank of China said in a statement that underscored plans for strict oversight of the effort to support the markets.CSX fell 6.7% after falling short of analysts’ profit expectations  for the latest quarter. 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The world's second-largest economy expanded at a 4.6% annual pace in July-September, down slightly from 4.7% in the previous quarter. \nGrowth so far this year has averaged to 4.8%, below the official target of about 5%, as weakness in the property market has continued to weigh on demand. \nMeanwhile, the central bank issued guidelines for state banks to provide loans to companies and major shareholders for stock repurchases as part of an effort to stabilize China’s share markets, which have languished in recent years.\nThe loans, which can be made only by 21 designated financial institutions, will have a maximum interest rate of 2.25%, the People’s Bank of China said in a statement that underscored plans for strict oversight of the effort to support the markets.\nThe news helped drive a rally in Shanghai, where the Composite index was up 2.1% at 3,232.14. The benchmark for the smaller market in the southern city of Shenzhen jumped 3.2%. \nShanghai’s benchmark has gained 9% in the past three months, though it had surged much higher last month with the release of new measures to counter the slowdown, before falling back as investors registered their disappointment over a lack of big government spending initiatives. \nHong Kong’s Hang Seng index gained 2.2% to 20,519.78. \nAlso Friday, China’s large state-run banks cut their deposit rates, to 0.1% from 0.15% for demand deposits and to 1.1% from 1.35% for longer term deposits.\nElsewhere in Asia, Tokyo's Nikkei 225 edged 0.2% higher to 38,798.48 and the Kospi in Seoul shed 0.6% to 2,594.40. Australia's S&P/ASX 200 gave up 0.9% to 8,283.20.\nThe Taiex in Taiwan gained 1.9% and the SET in Bangkok was up 0.2%. India's Sensex slipped 0.2%. \nOn Thursday, U.S. stocks drifted around their record heights Thursday following the latest signals that the U.S. economy continues to hum. \nThe S&P 500 finished virtually unchanged at 5,841.47 after flirting with its all-time high for much of the day. The Dow Jones Industrial Average added 0.4% to 43,239.05, besting its own record set the day before. The Nasdaq composite added less than 0.1% to 18,373.61.\nNvidia and other companies in the chip industry were some of the market’s strongest after global heavyweight Taiwan Semiconductor Manufacturing Co. reported bigger profit for the latest quarter than analysts expected. \nBut a 1.4% slide for Google’s parent company, Alphabet, and a 10.6% tumble for Elevance Health helped keep stock indexes in check. Elevance reported weaker profit for the latest quarter than expected. \nCSX fell 6.7% after falling short of analysts’ profit expectations  for the latest quarter. The railroad also expects only modest volume growth the rest of the year as the Southeast rebuilds after two major hurricanes.\nIn the bond market, Treasury yields rose following the latest encouraging reports on the U.S. economy.\nU.S. retailers made more in sales  in September than in August, and underlying growth trends within the data were better than economists expected. \nA separate report, meanwhile, said fewer U.S. workers applied for unemployment  benefits last week, a signal that layoffs nationwide are relatively low and aren’t damaging the job market.\nSuch data bolster the hope that the economy could make a perfect escape  from the worst inflation in generations, one that ends without a recession that many investors had seen as nearly inevitable. And with the Federal Reserve now cutting interest rates  to keep the economy humming, the expectation among optimists is that stocks can rise even further. \nCritics, meanwhile, are warning that stock prices look too expensive given how much faster they’ve climbed than corporate profits. \nThe European Central Bank on Thursday cut its main interest rate  by a quarter of a percentage point. That helped send stock indexes higher by 1.2% in France and 0.8% in Germany. \nIn other dealings early Friday, U.S. benchmark crude oil gained 25 cents to $70.92 per barrel. Brent crude, the international standard, was 20 cents higher at $74.65 per barrel.\nThe dollar fell to 149.85 Japanese yen from 150.21 yen. The euro rose to $1.0843 from $1.0827. \n___\nAP Business Writers Stan Choe and Matt Ott contributed.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2476250414"}