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

Shares in Hong Kong jumped 3.6 and the Shanghai Composite index surged 3.4% after 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.

The coordinated measures, instead of “drip-feeding piecemeal support,” are “a step in the right direction,” Julian Evans-Pritchard of Capital Economics said in a commentary. 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 boostThat helped offset a 10.3% tumble for Trump Media & Technology Group, which fell to its lowest price since taking its place on the Nasdaq stock marketnow that they’re no longer bound by a “lock-up” agreement. Trump has said he doesn’t plan to sell.

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 80 cents to $71.17 per barrel. Brent crude, the international standard, was up 74 cents at $73.95 per barrel.

A driver who was hospitalized with moderate injuries after a crash in Tracy on Monday was believed to be under the influence at the time of the crash, police said. Crews responded around 5 p.m. to a rollover crash in the 2400 block of Naglee Road and found a female driver and two children, ages 13 and 14. Police said the two children were relatives of the driver.

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