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Asian stocks climbed on Monday, buoyed by action from China’s central bank as well as a record-setting day on Wall Street, while European stocks paused.
The
gained 2.3% and the
rose 0.7% in the first opportunity for Asian investors to react to the news the People’s Bank of China was cutting reserve requirements for banks by a half-point, unleashing 1 trillian yuan ($150 billion) into the world’s number-two economy. Japan also reported an 8% surge in core machinery orders for May.
The action in European stocks was muted, with aviation sector stocks including
slipping on a report the European Union was set to propose a kerosene fuel tax. The Stoxx Europe 600 edged 0.1% lower.
Asian markets have lagged their rivals in the U.S. and Europe this year. In 2021, the Nikkei 225 has climbed just 4%, the Shanghai Composite has added 2% and the Hang Seng is up 1%. The
by contrast, has surged 16%, and the Stoxx Europe 600 has added 15%.
The focus on Wall Street this week will be fresh inflation data as well as the kickoff of earnings season.
traded higher in premarket trade as founder Richard Branson successfully completed a test flight into space.
