The Fort Worth Press - Asian stocks struggle as China support plan falls flat, bitcoin hits record

USD -
AED 3.673042
AFN 67.503991
ALL 94.250403
AMD 389.764479
ANG 1.803631
AOA 913.000367
ARS 1003.850089
AUD 1.537516
AWG 1.8025
AZN 1.70397
BAM 1.878951
BBD 2.020559
BDT 119.587668
BGN 1.87774
BHD 0.37683
BIF 2895
BMD 1
BND 1.348865
BOB 6.915269
BRL 5.801041
BSD 1.000769
BTN 84.471911
BWP 13.672019
BYN 3.275129
BYR 19600
BZD 2.017245
CAD 1.39845
CDF 2871.000362
CHF 0.893615
CLF 0.035758
CLP 986.680396
CNY 7.243041
CNH 7.25914
COP 4420.25
CRC 509.751177
CUC 1
CUP 26.5
CVE 106.303894
CZK 24.326204
DJF 177.720393
DKK 7.157904
DOP 60.450393
DZD 134.27504
EGP 49.650175
ERN 15
ETB 123.010392
EUR 0.95985
FJD 2.27595
FKP 0.789317
GBP 0.798085
GEL 2.740391
GGP 0.789317
GHS 15.803856
GIP 0.789317
GMD 71.000355
GNF 8631.000355
GTQ 7.725046
GYD 209.369911
HKD 7.783855
HNL 25.230388
HRK 7.133259
HTG 131.367086
HUF 395.010388
IDR 15943.55
ILS 3.70796
IMP 0.789317
INR 84.43625
IQD 1310.5
IRR 42075.000352
ISK 139.680386
JEP 0.789317
JMD 159.42934
JOD 0.709104
JPY 154.76904
KES 129.503801
KGS 86.503799
KHR 4051.00035
KMF 472.503794
KPW 899.999621
KRW 1404.510383
KWD 0.30785
KYD 0.834002
KZT 499.690168
LAK 21960.000349
LBP 89600.000349
LKR 291.267173
LRD 180.000348
LSL 18.130381
LTL 2.95274
LVL 0.60489
LYD 4.885039
MAD 10.074504
MDL 18.253698
MGA 4670.000347
MKD 59.076288
MMK 3247.960992
MNT 3397.999946
MOP 8.023845
MRU 39.905039
MUR 46.850378
MVR 15.460378
MWK 1735.000345
MXN 20.427165
MYR 4.468039
MZN 63.910377
NAD 18.130377
NGN 1696.703725
NIO 36.750377
NOK 11.06835
NPR 135.155518
NZD 1.714149
OMR 0.385003
PAB 1.000793
PEN 3.794039
PGK 4.02575
PHP 58.939038
PKR 277.803701
PLN 4.163902
PYG 7812.469978
QAR 3.640504
RON 4.776604
RSD 112.339038
RUB 104.308748
RWF 1370
SAR 3.754663
SBD 8.383555
SCR 14.282217
SDG 601.503676
SEK 11.040175
SGD 1.346504
SHP 0.789317
SLE 22.730371
SLL 20969.504736
SOS 571.503662
SRD 35.494038
STD 20697.981008
SVC 8.756761
SYP 2512.529858
SZL 18.130369
THB 34.470369
TJS 10.658046
TMT 3.5
TND 3.180504
TOP 2.342104
TRY 34.572825
TTD 6.797003
TWD 32.583504
TZS 2660.000335
UAH 41.401274
UGX 3697.761553
UYU 42.558915
UZS 12830.000334
VES 46.55914
VND 25419
VUV 118.722009
WST 2.791591
XAF 630.19767
XAG 0.031938
XAU 0.000369
XCD 2.70255
XDR 0.761283
XOF 624.503595
XPF 114.875037
YER 249.925037
ZAR 18.105415
ZMK 9001.203587
ZMW 27.645705
ZWL 321.999592
  • BCC

    3.4200

    143.78

    +2.38%

  • SCS

    0.2300

    13.27

    +1.73%

  • GSK

    0.2600

    33.96

    +0.77%

  • CMSD

    0.0150

    24.46

    +0.06%

  • NGG

    1.0296

    63.11

    +1.63%

  • RIO

    -0.2200

    62.35

    -0.35%

  • CMSC

    0.0320

    24.672

    +0.13%

  • AZN

    1.3700

    65.63

    +2.09%

  • RBGPF

    59.2400

    59.24

    +100%

  • BTI

    0.4000

    37.38

    +1.07%

  • BP

    0.2000

    29.72

    +0.67%

  • BCE

    0.0900

    26.77

    +0.34%

  • JRI

    -0.0200

    13.21

    -0.15%

  • RELX

    0.9900

    46.75

    +2.12%

  • RYCEF

    -0.0100

    6.79

    -0.15%

  • VOD

    0.1323

    8.73

    +1.52%

Asian stocks struggle as China support plan falls flat, bitcoin hits record
Asian stocks struggle as China support plan falls flat, bitcoin hits record / Photo: © GETTY IMAGES NORTH AMERICA/AFP

Asian stocks struggle as China support plan falls flat, bitcoin hits record

Most Asian markets fell Monday after China's keenly awaited plans to support the world's number two economy fell short of expectations, while traders were also keeping tabs on Washington as Donald Trump puts his cabinet together after last week's election win.

Text size:

Stocks rallied last week on hopes that a second Trump administration -- supported by a Republican Congress -- would push through a slew of business-friendly policies including deregulation and tax cuts, offsetting concerns about possible trade wars.

However, the mood changed after Beijing said Friday it would lift local government debt by $840 billion to help them clear so-called hidden debt, but fell short of announcing any new growth-boosting measures for the stuttering economy.

Hopes had been building all last week that officials would deploy a "bazooka" stimulus, the need for which was highlighted Sunday by data showing Chinese inflation slowed last month and came in below forecasts.

Authorities in late September began unveiling a raft of policies aimed at reigniting the economy, which has failed to fire since the lifting of tough Covid-fighting rules at the end of 2022.

Among them were interest rate cuts and an easing of home-buying measures as leaders try to address a crisis in the country's vast property sector.

Friday's announcement saw Chinese shares traded in New York plunge more than four percent.

Hong Kong led Asian losses Monday, shedding more than one percent, while Sydney, Seoul, Wellington, Taipei, Manila, Bangkok and Jakarta also fell.

There were gains in Shanghai, Tokyo, Singapore and Mumbai.

The selling came as investors ignored another record for all three markets on Wall Street, which was also helped by another Federal Reserve interest rate cut.

Observers said there were concerns about the impact of Trump's planned tariffs, which he said would have a particular focus on China, fuelling talk of another trade war between the economic superpowers.

Pepperstone Group's head of research Chris Weston said Beijing may have had an eye on this in its announcement.

"Many feel that China is keeping its tactical powder in play for such time as the Trump-China tariff negotiations build, and they can respond in a more targeted fashion to stem the likely economic fallout," he wrote.

"In the short-term, however, it does suggest downside risk to China/HK equity and the yuan."

Meanwhile, bitcoin continued to push to new highs, hitting a record $81,891 Monday on optimism that Trump will ease regulations surrounding the cryptocurrency.

"We shouldn't expect this bullish trend to be interrupted for a long time -- about a year. The next level for me is $100,000," Stephane Ifrah, of French crypto asset management company Coinhouse, told AFP.

Meanwhile, researchers at Bank J. Safra Sarasin offered a largely upbeat outlook for the next year.

They wrote in a report that "2024 ends with stronger economic growth, more balanced labour markets and lower inflationary pressures than we expected a year ago. In particular, the US economy was more resilient and is still headed for a soft landing".

"Yet President-elect Donald Trump's policy proposals could lead to heightened macroeconomic volatility. Deregulation and tax cuts would boost nominal growth, but a trade war would hurt growth and raise prices."

- Key figures around 0710 GMT -

Tokyo - Nikkei 225: UP 0.1 percent at 39,533.32 (close)

Hong Kong - Hang Seng Index: DOWN 1.5 percent at 20,413.26

Shanghai - Composite: UP 0.5 percent at 3,470.07 (close)

Euro/dollar: DOWN at $1.0718 from $1.0724 on Friday

Pound/dollar: DOWN at $1.2916 from $1.2921

Dollar/yen: UP at 153.54 yen from 152.62 yen

Euro/pound: UP at 82.98 pence from 82.95 pence

West Texas Intermediate: DOWN 0.1 percent at $70.34 per barrel

Brent North Sea Crude: UP 0.1 percent at $73.93 per barrel

New York - Dow: UP 0.6 percent at 43,988.99 (close)

London - FTSE 100: DOWN 0.8 percent at 8,072.39 (close)

A.Maldonado--TFWP