Current:Home > FinanceStock market today: Asian stocks decline as China stimulus plan disappoints markets -MarketStream
Stock market today: Asian stocks decline as China stimulus plan disappoints markets
View
Date:2025-04-17 05:12:31
HONG KONG (AP) — Asian stocks fell on Monday, following a record-setting day for U.S. stocks, as China’s stimulus package disappointed investor expectations.
China approved a 6 trillion yuan ($839 billion) plan during a meeting of its national legislature Friday. The long-anticipated stimulus is designed to help local governments refinance their mountains of debt in the latest push to rev up growth in the world’s second-largest economy.
“It’s not exactly the growth rocket many had hoped for. While it’s a substantial number, the stimulus is less about jump-starting economic growth and more about plugging holes in a struggling local government system,” Stephen Innes of SPI Asset Management said in a commentary.
Meanwhile, China’s inflation rate in October rose 0.3% year-on-year, according to the National Bureau of Statistics on Saturday, marking a slowdown from September’s 0.4% increase and dropping to its lowest level in four months.
The Hang Seng fell 1.4% to 20,439.99, and the Shanghai Composite picked up a bit, now gaining 0.2% to 3,461.41.
Japan’s benchmark Nikkei 225 edged less than 0.1% to 39,533.32. Australia’s S&P/ASX 200 dipped 0.4% to 8,266.20. South Korea’s Kospi fell 1.1% to 2,532.62.
U.S. futures were higher while oil prices declined.
On Friday, the S&P 500 rose 0.4% to 5,995.54, its biggest weekly gain since early November 2023 and briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average climbed 0.6% to 43,988.99, while the Nasdaq composite added 0.1% to 19,286.78.
In the bond market, longer-term Treasury yields eased.
The yield on the 10-year Treasury slipped to 4.30% Friday from 4.33% late Thursday. But it’s still well above where it was in mid-September, when it was close to 3.60%.
Treasury yields climbed in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.
Some of the rise in yields has also been because of President-elect Donald Trump. He talks up tariffs and other policies that economists say could drive inflation and the U.S. government’s debt higher, along with the economy’s growth.
Traders have already begun paring forecasts for how many cuts to rates the Fed will deliver next year because of that. While lower rates can boost the economy, they can also give inflation more fuel.
In other dealings Monday, U.S. benchmark crude oil lost 4 cents to $70.34 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, gave up 7 cents, to $73.94 per barrel.
The dollar rose to 153.47 Japanese yen from 152.62 yen. The euro edged down to $1.0720 from $1.0723.
___
AP Writer Stan Choe contributed to this report.
veryGood! (53682)
Related
- Meta releases AI model to enhance Metaverse experience
- Why have wildfires been erupting across the East Coast this fall?
- Cleveland Browns’ Hakeem Adeniji Shares Stillbirth of Baby Boy Days Before Due Date
- Richard Allen found guilty in the murders of two teens in Delphi, Indiana. What now?
- NCAA President Charlie Baker would be 'shocked' if women's tournament revenue units isn't passed
- Is Kyle Richards Finally Ready to File for Divorce From Mauricio Umansky? She Says...
- Klay Thompson returns to Golden State in NBA Cup game. How to watch
- What’s the secret to growing strong, healthy nails?
- Golf's No. 1 Nelly Korda looking to regain her form – and her spot on the Olympic podium
- Sting Says Sean Diddy Combs Allegations Don't Taint His Song
Ranking
- Vance jokes he’s checking out his future VP plane while overlapping with Harris at Wisconsin airport
- Jennifer Lopez Turns Wicked Premiere Into Family Outing With 16-Year-Old Emme
- Brian Austin Green’s Fiancée Sharna Burgess Celebrates Megan Fox’s Pregnancy News
- How Leonardo DiCaprio Celebrated His 50th Birthday
- What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
- Jennifer Lopez Turns Wicked Premiere Into Family Outing With 16-Year-Old Emme
- Federal judge blocks Louisiana law that requires classrooms to display Ten Commandments
- Where you retire could affect your tax bill. Here's how.
Recommendation
Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
Taylor Swift's Dad Scott Swift Photobombs Couples Pic With Travis Kelce
Auburn surges, while Kansas remains No. 1 in the USA TODAY Sports men's basketball poll
A pair of Trump officials have defended family separation and ramped-up deportations
Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
What that 'Disclaimer' twist says about the misogyny in all of us
Kid Rock tells fellow Trump supporters 'most of our left-leaning friends are good people'
Trump has promised to ‘save TikTok’. What happens next is less clear