Stock market today: World shares mixed after China pledges more support for slowing economy

A currency trader walks by the screens showing the Korea Composite Stock Price Index at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Oct. 25, 2023. Asian shares advanced Wednesday, tracking gains on Wall Street after Verizon and other big companies reported fatter profits for the summer than expected. – World shares were mixed Wednesday after China pledged more spending to energize its economy.

The aim is to drive more domestic spending and “further cement the recovery momentum of the Chinese economy,” the official Xinhua News Agency quoted Zhu Zhongming, a vice minister of finance as saying. Chinese shares logged moderate gains on Wednesday, with Hong Kong's Hang Seng rising 0.6% to 17,085.33. The Shanghai Composite index added 0.4% to 2,974.11.

High yields hurt prices for stocks, cryptocurrencies and other investments. They also slow the economy bluntly and are a strain for the entire financial system.

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