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Investing.com -- Asian stocks experienced a rise, driven by a recovery in the technology sector and optimism surrounding China’s plans to stimulate consumption.
The MSCI Asia Pacific Index saw a gain of up to 1.2%, with chip manufacturers Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co (F:SAMEq). providing the most significant boost. This followed a recovery in US tech shares on Friday. Market indices in Hong Kong, Japan, and South Korea also increased.
China’s plan to encourage "reasonable growth" in wages and establish a mechanism for adjusting the minimum salary was the primary news for traders. This information came from a weekend report from the state news agency. Numerous economic indicators also pointed to the economy’s recovery, including an uptick in retail sales.
Despite these positive signals, the response from mainland Chinese stocks was subdued. While a measure of Chinese shares listed in Hong Kong increased by approximately 0.6%, the onshore benchmark CSI 300 Index decreased slightly. The market seemed unimpressed with a press conference held on Monday.
However, this muted response may be attributed to investors taking a breather following a recent rally. Over the past two months, optimism for Chinese assets has increased as investors support President Xi Jinping’s push for economic growth. This performance contrasts with the U.S., where stocks have stumbled due to President Donald Trump’s disorganized tariff implementation.
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