Chinese
shares jumped amid speculation the government will do more to support
growth and as more mainland funds were allowed to trade Hong Kong
equities. Oil slid a second day and the dollar was stronger against most
peers.
The
Hang Seng China Enterprises Index surged 2.8 percent by 11:03 a.m. in
Tokyo, and the Hang Seng Index advanced 1.2 percent as regulators
expanded access to the city’s exchange link with Shanghai. MSCI Asia
Pacific Index was little changed with Standard & Poor’s 500 Index
futures. The greenback climbed 0.1 percent against the euro and the
Australian and New Zealand currencies weakened 0.4 percent. U.S. crude
oil fell 1 percent, extending Friday’s 5 percent rout.
China’s
central bank chief said that the nation’s growth rate has tumbled “a
bit” too much and that policy makers have scope to respond, underscoring
forecasts for further monetary easing in the world’s second-largest
economy. Talks on Iran’s nuclear program resume Monday amid speculation
that an accord to ease sanctions could mean a resumption of oil
shipments, further swelling global supply. Reports on personal spending
and income are due in the U.S.
“Confirmation
that further stimulus in China is likely might have some positive
announcement impact and help calm market nerves but in the long run is
likely to be outweighed by concerns that growth in China’s economy
continues to soften,” Ric Spooner, a chief market analyst at CMC Markets
in Sydney, wrote in an e-mail to clients.
China
has room to act with both interest rates and “quantitative” measures,
People’s Bank of China Governor Zhou Xiaochuan said in remarks at the
Boao Forum for Asia, an annual conference on the southern Chinese island
of Hainan.
Source : Bloomberg
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