Stock Groups

China RRR cut, Dow jumps on omicron optimism


SINGAPORE — Stocks across Asia-Pacific jumped on Tuesday, bouncing back from Monday losses as Wall Street rallied on optimism that the omicron variant risk might not be as bad as feared.

Hong Kong’s Hang Seng rose 1.29% as property and casino shares rose. Some tech stocks saw a slight recovery from the session before. TencentAlibaba was up over 8%, after losing close to 6% Monday.

Stocks in mainland China also rose early, with the Shanghai Composite up 0.3% and Shenzhen rising 0.3%.

Japan’s Nikkei 225Topix was up 1.21 percent, but jumped 1.39%. SoftBank shares rebounded by more than 7% after plummeting over 8% on MondayIt tracked the losses of tech companies AlibabaAnd Didi.

The Australian capital is Sydney. S&P/ASX 200The increase was 0.62%

South Korea KospiAn increase of 0.11% was recorded

MSCI’s Asia-Pacific share index outside Japan rose 0.4%.

Evergrande shares rise as restructuring is underway

EvergrandeAfter hitting an all-time low on Monday, shares rose more than 6%. After announcing that it couldn’t guarantee its funds for repayments, the real estate developer was able to move forward with a restructuring plan.

It filed with the Hong Kong Exchange Monday stating that it is establishing a risk management board to help it mitigate and eliminate future risks.

After market hours, China’s central banking announced Monday that it will reduce the reserve requirement ratio (or the amount of cash banks have to hold in reserves) for the second year. To boost the slowing of growth in light of the pandemic, it will issue 1.2 trillion Yuan (282 billion).

Rodrigo Catril (senior FX strategist, National Australia Bank), stated that “another benefit to the improvement in risk perception overnight was news about policy easing coming out of China”. In an early morning note.

He said that “Perhaps even more important than RRR’s announcement, the PBOC determination was closely followed up by a communist party central commission statement vowing to stabilize China’s economy in 2022. Signalling an easing some property curbs.” The government’s efforts to reduce debt have had a negative impact on China’s real-estate sector.

The shares of other Hong Kong-listed properties also increased. Sun Hung Kai rose 1.72% and China Vanke increased 2.67%. Sunac surged almost 11%.

CNBC Pro: Find stock picks and trends in investing from CNBC Pro

Initial data regarding the Omicron variant are ‘encouraging.

White House Chief Medical Advisor Dr. Anthony Fauci had said that the initial data on the omicron variant was “encouraging“, but he warned that further information is needed in order to fully comprehend it.

Stocks on Wall Street jumped on that optimism, with the Dow Jones Industrial Average soaring nearly 650 points — erasing its losses from the previous week. The Nasdaq Composite rose 0.9% to 15,225.15 after climbing out of negative territory. The S&P 500 rose 1.1% to 4,591.67. 

Oil prices also spiked almost 5%Tuesday saw Covid fears recede. On Tuesday at Asia Hours, the prices rose again. U.S. crudeBarrel price increased by 1%, to $70.17 Brent futuresThe price was $73.64 higher, or 0.77% more


It U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.301 — continuing its ascent from levels above 96.1 in previous sessions.

It Japanese yenTraded at 113.5 USD, and continues to decline since yesterday. The Australian dollarThe price was $0.7051 after it rose to $0.701 from its previous level.