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Stock market today: Asian shares gain as China eases rates to aid property industry

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Asian shares advanced Tuesday, with Chinese markets logging the biggest gains after the central bank announced a slew of measures to support the economy.

Among various policies aimed at countering a prolonged downturn in the property sector, People’s Bank of China Gov. Pan Gongsheng said the reserve requirement for banks would be cut by 0.5 percentage points and that the central bank would follow up with further cuts. That would free up more money for lending.

“But it will probably be insufficient to drive a turnaround in growth unless followed up with greater fiscal support,” he said. Tesla led the way with a gain of 4.9% and clawed back all its sharp losses from earlier in the year. It had shed as 42% at one point in April, when it was cutting prices on its cars to boost

Such reports, particularly on employment, are taking top priority on Wall Street because the main fear is now a slowdown in the job market. It’s a notable shift from prior years, when Wall Street’s attention was fixed on anything related to inflation. In other dealings early Tuesday, U.S. benchmark crude oil added 44 cents to $70.81 per barrel. Brent crude, the international standard, was up 41 cents at $73.62 per barrel.

Christina Aguilera and Sabrina Carpenter Reimagine 'What a Girl Wants' — 25 Years After Its Release: ListenA city known for its large immigrant population, Hamtramck is reportedly the first Muslim-majority city in the United States and also made headlines as the first city with an all Muslim city council. Some in the community are now expressing shock that the Democratic mayor is officially endorsing former President Donald Trump.

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