{"id":72089,"date":"2024-09-24T15:43:40","date_gmt":"2024-09-24T05:43:40","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=72089"},"modified":"2025-11-10T21:05:45","modified_gmt":"2025-11-10T10:05:45","slug":"tuesday-24th-september-2024-asian-markets-rally-on-chinas-policy-easing-measures","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/tuesday-24th-september-2024-asian-markets-rally-on-chinas-policy-easing-measures\/","title":{"rendered":"Tuesday 24th September 2024: Asian Markets Rally on China\u2019s Policy Easing Measures"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.87%, Shanghai Composite up 3.84%, Hang Seng up 3.85% ASX down 0.06<\/li>\n\n\n\n<li>Commodities : Gold at $2659.35 (0.34%), Silver at $31.30 (0.94%), Brent Oil at $73.98 (0.96%), WTI Oil at $71.16 (1.11%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.764, UK 10-year yield at 3.924, Germany 10-year yield at 2.175<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Flash Manufacturing PMI&nbsp; 47.0 vs 48.6 expected<\/li>\n\n\n\n<li>(USD) Flash Services PMI&nbsp; 55.4 vs 55.3 expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p><br \/>Hong Kong\u2019s Hang Seng index surged over 3% on Tuesday, leading Asian markets, driven by consumer non-cyclical stocks. This came after a series of policy easing measures were announced by Beijing in a rare briefing from central bank governor, Pan Gongsheng.&nbsp;<\/p>\n\n\n\n<p>China\u2019s mainland CSI 300 also rose by 2.4%, supported by consumer non-cyclical stocks. The People\u2019s Bank of China (PBOC) will lower the reserve requirement ratio for banks by 50 basis points, although no specific timeline was provided. Additionally, the seven-day reverse repurchase rate will be cut from 1.7% to 1.5%. Pan also mentioned a potential cut in the loan prime rate by 0.2 to 0.25 percentage points, but he did not specify if this applies to the one-year or five-year rate. Other measures include reducing down payments for second homes and releasing 1 trillion yuan in long-term funds.&nbsp;<\/p>\n\n\n\n<p>Winnie Wu, a strategist at Bank of America, called these steps a \u201cbig bang\u201d to boost investor confidence. While banking and insurance sectors show short-term promise, Wu believes domestic consumption recovery will take longer and that more fiscal policy and structural reforms are needed for sustainable market growth.<\/p>\n\n\n\n<p>Meanwhile, Australia\u2019s central bank kept its policy rate at 4.35%, and Japan\u2019s Nikkei 225 climbed 0.8%, surpassing 38,000 points for the first time since September 3. The U.S. markets also showed modest gains, with the Nasdaq, S&amp;P 500, and Dow Jones hitting new highs.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>02:00 PM GMT &#8211; USD CB Consumer Confidence<\/li>\n\n\n\n<li>02:00 PM GMT &#8211; USD Richmond Manufacturing Index<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Hong Kong\u2019s Hang Seng [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/72089"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=72089"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/72089\/revisions"}],"predecessor-version":[{"id":72093,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/72089\/revisions\/72093"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=72089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=72089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=72089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}