The Fort Worth Press - Stock markets boosted by China hopes, tech rally

The gains were supported by a tech surge following a strong earnings outlook from US chip giant Micron and as South Korean behemoth SK hynix said it had started mass production of a more advanced artificial intelligence chip.

The positive sentiment on trading floors comes ahead of the release of the Federal Reserve's preferred gauge of inflation, which could play a role in officials' plans for interest rates, following last week's mood-boosting bumper cut.

China announced a fresh batch of measures aimed at boosting jobs -- particularly among young people -- and helping the poorest with handouts, while Bloomberg reported leaders were considering pumping more than $140 billion into its large state-run banks.

The move, which aims to give them more room to support the economy, would mark the first such move since 2008 during the global financial crisis.

President Xi Jinping and other leaders said after a top-level meeting on Thursday they would address property-sector worries and improve care for the elderly and children.

That came after they admitted that "some new situations and problems have emerged in the current running of the economy", according to state media.

"We must view the current economic situation comprehensively, objectively and calmly, face difficulties squarely, (and) strengthen confidence," it said.

This week's stimulus measures represent a "shift towards a more aggressive easing stance, given the sustained weakness in domestic growth", said JP Morgan Asset Management global market strategist Chaoping Zhu.

"The sense of urgency may convince investors that more policy support is on its way."

But while the policies were broadly welcomed, analysts warned much more is needed.

"There is no silver bullet that can bring China back to the double digit growth levels markets have been used to," said Charu Chanana, head of FX strategy at Saxo Capital Markets.

"There is no single policy step that will resolve China's structural issues of debt, deflation and demographics. But the direction of travel is encouraging, and this can help to repair some of the confidence levels in the economy and policymakers."

Tech shares rocketed, having been the main driver of a surge in global markets this year -- pushing several to record highs -- as demand for all things AI heats up.

The latest jump came after Micron Technology unveiled on Wednesday better-than-expected sales and profit forecasts, which ramped up hopes for demand for AI gear.

That was followed Thursday by reports that SK hynix had started producing the new, advanced chips, pushing its stocks more than eight percent higher in Seoul.

There were also big gains for Samsung and Japan's Sony, while e-commerce titan Alibaba and JD.com joined the tech surge in Hong Kong.

Tokyo closed up 2.8 percent as exporters were helped by the yen hitting 145 per dollar for the first time since the start of the month.

Hong Kong and Shanghai continued to build on the week's strong advance by climbing more than three percent, with the latter topping 3,000 points for the first time since July.

Sydney, Seoul, Singapore, Wellington, Taipei, Manila and Mumbai were also well up.

London, Paris and Frankfurt all opened on the front foot.

Attention is also turning to Friday's release of US personal consumption expenditure figures.

Debate is swirling on the Fed's next move after last week's 50-basis-point rate cut, and further easing in the PCE could boost the chances of another big move.

- Key figures around 0710 GMT -

Tokyo - Nikkei 225: UP 2.8 percent at 38,812.94 (close)

Hong Kong - Hang Seng Index: UP 3.5 percent at 19,804.53

Shanghai - Composite: UP 3.6 percent at 3,000.95 (close)

London - FTSE 100: UP 0.6 percent at 8,317.08

Euro/dollar: UP at $1.1154 from $1.1130 on Wednesday

Pound/dollar: UP at $1.3345 from $1.3317

Dollar/yen: UP at 144.86 yen from 144.81 yen

Euro/pound: UP at 83.58 pence from 83.54 pence

West Texas Intermediate: DOWN 2.2 percent at $68.16 per barrel

Brent North Sea Crude: DOWN 2.1 percent at $71.89 per barrel

New York - Dow: DOWN 0.7 percent at 41,914.75 (close)

H.M.Hernandez--TFWP