TOKYO: Hong Kong stocks led declines in Asia on Monday after Beijing's latest stimulus fell short of investor expectations, overshadowing Wall Street's record highs from Friday and futures pointing to further strength at the reopen.
Hong Kong's Hang Seng tumbled 2.5% as of 0200 GMT, with a sub-index of mainland Chinese property shares tumbling 3.9%. Chinese blue chips weakened 0.3%.Australia's share benchmark declined 0.4%, weighed down by commodity stocks, after oil and industrial metals weakened. "It may be disappointing for those who were expecting the NPC meeting to approve a massive fiscal package, but the expectation is unrealistic, because the policy goal is to achieve the GDP growth target and reduce tail risks, not to reflate the economy in any meaningful way," Macquarie analysts wrote in a note.
Investors expect that Trump's second term in office will bring equities-boosting tax cuts and looser regulations. Markets currently lay about 65% odds for a quarter-point reduction on Dec. 18, according to CME Group's FedWatch Tool.
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