A customer looks at the stock market at the Stock Exchange in Hangzhou, China on September 27, 2024.
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SINGAPORE – Chinese markets edged lower on Tuesday after the country’s National Development and Reform Commission gave few details on further stimulus.
China’s CSI 300 opened more than 10% higher on Tuesday as it returned from the Golden Week holiday, with the index up 3.8% later in the session.
Hong Kong’s Hang Seng index briefly fell more than 10% before recovering slightly to close with a small loss of 7.6%.
Other Asia-Pacific markets were mostly lower on Tuesday as investors looked ahead to August wages and spending data from Japan.
Housing costs in Japan In real terms it fell 1.9% year-on-year in August, a softer decline than the 2.6% decline expected by a Reuters poll of economists.
The decline was the fastest decline since January, which saw a 6.3% year-over-year decline. That decline came before spring wage talks offered unionized Japanese workers the biggest pay hike in 33 years.
However, 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.
Overnight in the US, stocks fell as rising oil prices and higher Treasury yields weighed on market sentiment.
The Dow Jones Industrial Average fell 0.94%, while the S&P 500 fell 0.96%. The Nasdaq Composite was the biggest loser, down 1.18%.
The benchmark 10-year Treasury yield rose to 4.02%, the first time the yield has risen above 4% since August.
Oil prices have risen due to tensions in the Middle East. U.S. crude rose more than 3% to over $77 a barrel.
— CNBC’s Lisa Kailai Hahn and Jesse Pound contributed to this report.
