A customer watches the stock market at the stock exchange in Hangzhou, China, on September 27, 2024.
Cost Photo | Null Photo | Getty Images
SINGAPORE — China’s market rally on Tuesday lost momentum after a briefing from the country’s National Development and Reform Commission provided few details of further economic stimulus.
Mainland China’s CSI 300 index soared more than 10% at the open on Tuesday on the return from the Golden Week holiday, but the index rose only 5% in late trading.
Hong Kong’s Hang Seng Index plunged more than 10% at one point, but has since recovered slightly to a 6.4% decline.
Other Asia-Pacific markets were mostly lower on Tuesday as investors focused on August payroll and expense data released by Japan.
Japan’s household spending in August fell by 1.9% in real terms from a year earlier, a slower decline than the 2.6% decline predicted in a Reuters poll of economists.
This decline was the sharpest pace of decline since January, when sales were down 6.3% compared to the same month last year. The decline occurred even before spring wage negotiations gave Japan’s unionized workers the largest pay increase in 33 years.
But real wages rose in August, with wages rising 2% to an average of 574,334 yen ($3,877.44), according to data from the country’s statistics bureau.
US stocks fell overnight as rising oil prices and rising US Treasury yields weighed on market sentiment.
The Dow Jones Industrial Average fell 0.94%, and the S&P 500 fell 0.96%. The Nasdaq Composite fell 1.18%, the biggest decline.
The yield on the benchmark 10-year Treasury note rose to 4.02%, the first time it has exceeded 4% since August.
Oil prices also rose as tensions in the Middle East remained high. US crude oil rose more than 3% to settle above $77 per barrel.
—CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.
