Asia stocks rally as China’s stimulus lifts mood: Markets wrap

Stocks in Asia pushed higher after President Xi Jinping stepped up support for China’s economy, buoying optimism.

Meanwhile, Hong Kong property stocks jumped after Sing Tao reported that Hong Kong Chief Executive John Lee will announce cutting home purchase tax to 7.5% from 15% for residents buying a second home. Elsewhere, the Australian dollar extended its gain on higher-than-expected inflation data. Expectations the Reserve Bank of Australia will hike Nov. 7 pushed up the currency and sent the three-year government bond yield as high as 4.28%, a level last seen in 2011.

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Chinese stocks beat peers, treasuries stabilise: Markets wrapSpot gold rose 0.3% to $1 978.92 an ounce.
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