Investing.com-- Asian stocks fell sharply on Friday tracking overnight losses on the Wall Street, while Chinese shares slumped as policy updates from a high-profile legislative meeting failed to deliver large-scale economic stimulus as expected.due next week, although a 25 basis point rate cut was largely expected. Wall Street futures were largely steady in Asia hours.
“Both the Politburo and CEWC look more like a policy recap of the stimulus measures in the past months rather than a new supporting deal to the economy. Most policy options have already been implemented or discussed by ministries at previous press briefings, and the question on the stimulus ahead will not be ‘what’, but ‘how much’,” ANZ analysts said in a note.
At the CEWC, Beijing sets targets for economic growth, the budget deficit, debt issuance and other variables for the year ahead. The targets are agreed at the meeting, but won't be officially released until an annual parliament meeting in March. Globally, investors were cautious ahead of next week's Fed meeting. The Fed is expected to lower interest rates by 25 basis points next week, however, higher-than-anticipatedOn December 3, President Yoon briefly imposed martial rule in South Korea, only to reverse the decision within hours. This led to a criminal investigation against Yoon amid demands to remove him from power.
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