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Stock Markets Boosted by China's Economic Meeting and Oil Price Gains

Seoul, South KoreaMonday, November 4, 2024
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Asia's stock markets were mostly on the rise on Monday, buoyed by China's leaders convening for a significant economic conference. This meeting is expected to bring fresh support for the world's second-largest economy, sparking a positive vibe among investors. The OPEC+ nations also announced they would extend production cuts until the end of the year, which triggered a surge in oil prices, with U. S. benchmark crude oil jumping to $70. 76 a barrel. Analysts are hopeful that the Chinese government will approve substantial spending initiatives to boost the economy. Stephen Innes of SPI Asset Management noted, "The markets are abuzz with chatter about a new stimulus package, setting expectations high and creating an excitement that's hard to ignore. " Hong Kong's Hang Seng rose slightly, while the Shanghai Composite inched up as well. Markets in Tokyo were closed for a holiday. Australia's S&P/ASX 200 and South Korea's Kospi also saw gains. On Friday, U. S. stock indexes were lifted by Amazon's strong earnings. Despite a surprising weak jobs report, investors remain optimistic about another cut to interest rates next week. The S&P 500 recovered some losses, and the Dow Jones Industrial Average and Nasdaq composite also rose. Amazon's impressive quarterly profit drove the S&P 500 higher, offsetting a decline in Apple's stock. Intel and Cardinal Health also saw significant gains. Treasury yields increased after a disappointing report showed U. S. employers added only 12, 000 jobs last month, far below expectations. Manufacturing also contracted more than anticipated. The Fed is widely expected to cut its main interest rate next week, and yields on both two-year and ten-year Treasury notes climbed. The dollar slipped against the Japanese yen and the euro.
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