SINGAPORE - China led Asia's stock markets higher on Wednesday as investors cheered the approval of a trillion-yuan sovereign bond issue as a harbinger of stimulus, while the Aussie dollar hit a two-week high as hotter-than-expected inflation lifted rate forecasts.
China's top parliament approved a 1 trillion yuan bond issue, state media reported adding the funds would be spent rebuilding disaster zones and improving infrastructure. The annual pace of inflation in Australia slowed in the third quarter, but at 5.4% was above forecasts of 5.3%. Pricing for the odds on a rate hike next month shot to 60% from 35% before the data.
The United States and Russia were among several nations pushing for a pause in fighting between Israel and Hamas to allow aid into the besieged Gaza Strip.
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