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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.

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Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 14, 2024. “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.

The advance in Asia followed a strong close on Friday on Wall Street as U.S. stocks rose to records, lifted by strong profits atset earlier in the week and closing out its fifth straight winning week. The Dow Jones Industrial Average jumped 1% to set its own record, at 42,863.86. The Nasdaq composite lagged the market with a gain of 0.3% after a slide forWells Fargo rose 5.6% after reporting stronger profit for the latest quarter than analysts expected. JPMorgan Chase climbed 4.

 

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