Asian Shares Rise After China Announces Additional Support for Slowing Economy in Stock Market Today

Asian shares rallied on Monday, with Chinese stocks climbing over 1% after the finance minister hinted at the need for more economic stimulus to counter the slowdown. U.S. futures remained steady, while oil prices dipped. The Chinese finance minister did not reveal specifics about a stimulus plan, causing uncertainty among investors. Despite this, the Shanghai and Shenzhen markets saw gains. Inflation weakened in China, prompting government efforts to stimulate demand. Large-scale military exercises near Taiwan had minimal impact on markets. Taiwan’s Taiex and South Korea’s Kospi also rose, following a strong finish on Wall Street. The S&P 500 and Dow Jones Industrial Average reached record highs, driven by strong profits from big banks like Wells Fargo and JPMorgan Chase. Tesla’s stock fell after revealing its robotaxi plans, while Uber and Lyft saw jumps. Treasury yields were mixed, and oil prices dropped. The dollar rose against the Japanese yen and fell against the euro. Overall, global markets responded positively to various economic developments and corporate earnings.

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