Asian stocks have bounced this morning, coming after they hit an 11-month low yesterday, as China outlined spending plans.
MSCI’s broadest index of Asia-Pacific shares outside Japan, was up 0.6pc and the Hang Seng climbed more than 1pc. Japan’s Nikkei rose 1.2pc.
It followed China’s top parliament approving a 1 trillion yuan bond issue, with state media reporting that the funds would be spent rebuilding disaster zones and improving infrastructure.
5 things to start your day
1) World at ‘tipping point’ following government debt binges, says HSBC boss | Major economies risk being ‘hit hard’ after allowing post-Covid borrowing to balloon
2) Bank of England rate decision on knife-edge as economists cast doubt over jobs data | Unemployment increases to 4.2pc in the three months to August, latest figures reveal
3) Barclays refuses to rule out job cuts as bad customer loans rise | Banking giant’s shares fall as it reveals cost savings plan
4) Microsoft sales jump in AI arms race against Google | The tech giants are battling to capitalise on the surging demand for artificial intelligence
5) Remote employees don’t ‘work as hard’, says billionaire private equity baron | Stephen Schwarzman claimed that workers were refusing to return to their office desks partly because they enjoy a lighter workload at home
What happened overnight
Wall Street stocks ended higher after companies reported stronger-than-expected quarterly results.
The Dow Jones Industrial Average finished up 0.6pc at 33,141.38.
The broad-based S&P 500 gained 0.7pc to 4,247.68, while the tech-rich Nasdaq Composite Index jumped 0.9pc to 13,139.87.
The 10-year yield was at 4.82pc, down from 4.85pc late Monday.