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As on : 13-Dec-2024

Market Commentary - Foreign Markets
13-Dec-2024 16:41

China's Shanghai Composite index down 2.01%

Asian stocks ended mixed on Friday after Chinese leaders pledged more stimulus measures during a two-day huddle of the Central Economic Work Conference in Beijing, a key economic meeting that sets policy priorities for the coming year.

Top officials vowed to deliver rate cuts and lower the reserve requirement for banks to maintain economic growth and ensure overall stability of employment and prices.

However, the meeting lacked policy details of fiscal stimulus and monetary easing steps.

Investors also looked ahead to next week's Federal Reserve meeting, with economists expecting a 25-bps rate cut. The dollar index held steady in Asian trade while oil and gold were poised for weekly gains.

China's Shanghai Composite index fell 2.01 percent to 3,391.88 and Hong Kong's Hang Seng index dropped 2.09 percent to 19,971.24 as policy updates from the high-profile economic policy meeting disappointed investors.

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