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Asian Stock Market: China equities support regional markets

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Asian stock markets advanced on Monday, following US equities with mild gains despite the hawkish statement from the US Federal Reserve (Fed) Chairman

. In his statement on Friday, Powell suggested that US interest rates might increase further in order to address persistent inflation. The Asian equities begin the week on a positive note as the Chinese authorities unveiled fresh measures designed to rebuild confidence.

Over the weekend, Beijing implemented a measure to reduce the stamp duty on stock trading by 0.1%, aiming to boost investors’ confidence. The China Securities Regulatory Commission has reported that local stock exchanges have also reduced their margin financing requirements. Beijing additionally revealed a relaxation of mortgage regulations to strengthen the Real Estate sector, a move that bolstered Real Estate equities in China. The deceleration of the real estate market has posed a significant challenge to the Chinese economy, as this sector plays a crucial role in driving growth. Market participants will closely watch China's services and manufacturing PMIs later in the week for further indication of the country’s economic conditions.

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