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Stock market today: Asian shares gain after China says more help is needed for its slowing economy

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Asian shares have started the week on a high note, with stocks in China rising more than 1% after the finance minister said over the weekend that more stimulus is needed for the slowing economy. U.S. futures were little changed and oil prices retreated. The advance in Asia followed a strong close on Friday on Wall Street as U.S.

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“The devil, as they say, is always in the details—or in this case, the glaring lack of them. When it comes to Chinese policy briefings, it’s usually all sizzle and no steak,” Stephen Innes of SPI Asset Management said in a commentary. “By mid-week, we’ll see if the market bid has legs, and by month’s end, we’ll know for sure if Beijing is delivering the goods or if it’s just more smoke and mirrors.

China reported that consumer inflation weakened in September and that wholesale prices fell further, reflecting continued weakness in domestic demand that has spurred the government into a flurry of measures meant to revive falling housing sales and other spending.Tokyo’s markets were closed for a public holiday. In South Korea, the Kospi added 1% to 2,622.43, while Australia’s S&P/ASX 200 picked up 0.5% to 8,253.60.

 

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