The view from the observation deck at Shanghai Tower in Shanghai, China, on Sunday, April 9, 2023. China’s economic recovery is picking up steam after Covid restrictions were abruptly dropped and the property market stabilizes, although the rebound is still fairly patchy and policymakers have no intention yet of scaling back monetary support. Photographer: Qilai Shen/Bloomberg via Getty Images
Qilai Shen | Bloomberg | Getty Images
Asia-Pacific markets are set to mostly rise on Tuesday after China’s Politburo pledged to “adjust and optimize policies in a timely manner” for its ailing property sector.
Beijing’s top decision making body also vowed to “elevate stable employment to a strategic goal,” along with other pledges to boost consumption and tackle debt risks.
This comes after disappointing economic data last week prompted renewed calls for policy support to bolster growth.
Hong Kong’s Hang Seng index looks set for a strong rebound after the index lost more than 2% on Monday, dragged mainly by losses in real estate stocks. HSI futures were at 19,189, compared its last close of 18,668.15.
In Japan, the Nikkei 225 looks to extend its gains from Monday, with the futures contract in Chicago at 32.770, and its counterpart in Osaka at 32,740 against its last close at 32,700.94.
However, futures for Australia’s S&P/ASX 200 point to a lower open, standing at 7,301 compared to it’s last close of 7,306.4.
Overnight in the U.S., all three major indexes rose as the Dow Jones Industrial Average extended its winning streak to 11 days, its longest run since February 2017.
The Dow gained 0.52%, while the S&P 500 rose 0.40% and the Nasdaq Composite added 0.19%.
— CNBC’s Sarah Min and Tanya Macheel contributed to this report