ASIAN STOCKS ARE DIVIDED AMID CHINA'S GROWTH-BOOSTING PLEDGES.

 

After China pledged to quicken the implementation of policy adjustments to spur sluggish economic growth and Australia's central bank hiked its benchmark interest rate, Asian stock markets were divided on Tuesday.

While Hong Kong lost ground, Shanghai, Tokyo, and Seoul advanced.

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Although it made no new spending announcements on Monday, the Chinese Cabinet's planning office promised to speed up simpler lending and other programs. In the first half, economic growth fell to 2.5% from a year earlier, or less than half the stated annual goal.

In a report, Yeap Jun Rong of IG stated that although the announcement may "give a short-term uplift" to sentiment, investors "ultimately want to see a better rebound."

The Nikkei 225 in Tokyo increased by 0.1% to 27,643.06 while the Shanghai Composite Index increased by 1.1% to 3,235.57. Hong Kong's Hang Seng dropped by 0.2% to 19,177.70.

After Australia's central bank increased its benchmark lending rate by 0.5 percentage points to 2.35%, its highest level since 2015, and announced that additional rate hikes were likely, Sydney's S&P-ASX 200 fell 0.3% to 6,833.80.

Investors fear that the U.S. Federal Reserve's and central banks in Asia and Europe would raise interest rates repeatedly in an effort to reduce inflation, which is at multi-decade highs. This might stall global economic growth. For prices to be under control, central banks claim that consumer and corporate activity must be reduced.

In contrast to India's Sensex, which began down less than 0.1% at 59,230.54, the Kospi in Seoul increased by 0.2% to 2,408.55. Markets in Southeast Asia increased as New Zealand fell.

Due to the holiday on Monday, U.S. markets were closed.

Following Gazprom's declaration on Friday that the supply interruption through the Nord Stream 1 pipeline would be prolonged indefinitely, European markets fell. The shortages in Germany and other economies are exacerbated by this.

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