After a broadly positive day on Wall Street, Asia enjoyed a healthy start to the week. Hong Kong jumped almost two percent as investors played catch-up with Friday's regional advance after being closed because of a typhoon.Investors are alsoon China, hoping for more measures to stimulate the economy after a number of announcements last week, including reducing mortgage down-payments and tax incentives.
"While these individual easing measures may not appear substantial, their collective implementation clearly signals policymakers' intentions to stabilise the property market, spur economic growth, and boost overall sentiment," said SPI Asset Management's Stephen Innes. "Further targeted measures are anticipated to be incrementally introduced until policymakers are content with the achieved results."
However, observers say that traders are yearning for the government to unveil a big-bang stimulus similar to the $550 billion seen in 2008 during the global financial crisis. News that battered developer Country Garden had won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default, provided some much-needed relief from worries over the property sector.
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