The CSI300 blue-chip index was up 1.9%, the Shanghai Composite Index gained 1.62%, Hang Seng Index gained 3% and Nikkei was 2.5% higher
Asian stocks bucked the global trend to extend a China-led rally on Thursday, fuelled by optimism over the country’s aggressive stimulus package and news that more support could be in the works.
Oil prices reversed early gains to trade lower on a report that Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to raise output.
Brent crude futures declined 0.88% to $72.81 a barrel, while U.S. crude slipped 0.9% to $69.06 per barrel.
In the wider market, equities in Asia got further boost on Thursday after China’s leaders pledged to support the struggling economy through “forceful” interest rate cuts and adjustments to fiscal and monetary policies, among other things.
The news came just hours after a report that said Beijing is considering injecting up to 1 trillion yuan ($142.39 billion) of capital into its biggest state banks.
Chinese stocks extended their gains on the back of the announcement, with the CSI300 blue-chip index up 1.9%. The Shanghai Composite Index gained 1.62%.
The CSI mainland real estate index climbed 5%, as Beijing also said it would make efforts to pull the struggling real estate sector out of its slump.
Hong Kong’s Hang Seng Index gained 3%, while the Hang Seng Mainland Properties Index was 9% higher.
That propelled MSCI’s broadest index of Asia-Pacific shares outside Japan rose to an over two-year high, with the index up 1.5%. Japan’s Nikkei was 2.5% higher.
Futures pointed to a strong opening in Europe, with EUROSTOXX 50 gaining 0.67%. FTSE futures were 0.43% higher.
S&P 500 futures gained 0.55%, while Nasdaq futures climbed 1%.
