SINGAPORE : Asian shares jumped on Tuesday as China's pledge to step up policy support for its stuttering economy soothed sentiment and lifted beaten down Hong Kong and Chinese stocks, while the dollar eased ahead of the Federal Reserve meeting this week. MSCI's broadest index of Asia-Pacific shares outsi
SINGAPORE : Asian shares jumped on Tuesday as China's pledge to step up policy support for its stuttering economy soothed sentiment and lifted beaten down Hong Kong and Chinese stocks, while the dollar eased ahead of the Federal Reserve meeting this week.
Saxo Markets strategists said the meeting readout reflected a cautious approach to economic stimulus with limited commitments, pointing to explicit recognition of the challenges faced by the economy as a mildly bullish sign. Erin Xin, economist for Greater China at HSBC, said the readout could suggest further tweaking of property policies as well as a more supportive tone for the sector.
The euro was up 0.11 per cent to $1.1074, having hit a two-week low of $1.1059 earlier in the session after a survey on Monday showed euro zone business activity shrank much more than expected in July, reigniting recession worries.
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