Asian stocks slipped Monday in response to a lukewarm reception to China's $839 billion stimulus package.The package, which was approved Friday, was designed to alleviate local government debt but fell short of investor expectations for more substantial economic support.Hong Kong's Hang Seng Index dropped 1.5 percent to 20,426.93, while the Shanghai Composite Index managed a small rebound after early losses, ending the day 0.5 percent higher at 3,470.07.
'While it's a substantial number, the stimulus is less about jump-starting economic growth and more about plugging holes in a struggling local government system.'The latest inflation report in China showed a year-on-year increase of 0.3 percent in October, according to the National Bureau of Statistics.This marks a decline from September's 0.4 percent rise, and puts inflation at its lowest level in four months.US Markets Closed HighU.S.
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