Asian markets move higher as China announces plans to help economy
Hong Kong’s Hang Seng Index (HSI) was up 0.8% by midday, while China’s Shanghai Composite Index (SHCOMP) gained 0.7%. Both had traded lower earlier.China earlier said it would step up its efforts to boost disposable income and stabilize employment. The National Development and Reform Commission announced those plans during a press briefing. Hong Kong has also recently taken measures to help avert a recession. On Thursday, the city’s government unveiled a stimulus package worth about $19 billion Hong Kong dollars ($2.4 billion).Some companies that trade in Hong Kong and Shanghai also posted strong earnings. Ping An Insurance (PIAIF), China’s largest insurer, climbed 3% in Hong Kong after it posted a 68% surge in its first-half net profit. Its Shanghai-traded stock also gained 2.2%.Tsingtao Brewery (TSGTF), China’s second largest beer maker, soared 10% in Shanghai, after its net profit increased more than 25% for the first half of the year. The Hong Kong-traded shares jumped 11.5%. Its bigger rival China Resources Beer (CRHKY), best known for Snow beer, surged 7.2% in Hong Kong after posting a 24% increase in net profit for the first half.Australia’s S&P/ASX 200 seesawed between small gains and losses. It last traded 0.1% lower. On Thursday, the index tumbled 2.9%.Japan’s Nikkei (N225) was 0.1% higher after a lower open. South Korea’s Kospi (KOSPI)declined 0.8% as it reopened Friday, following Thursday’s public holiday.US-China trade tensions continue to be a concern.On Thursday, China said it would “take necessary countermeasures” after the United States announced earlier this month a new 10% tariff on $300 billion in Chinese goods. But a spokeswoman from the foreign ministry later calmed investor fears saying China remains hopeful for an eventual trade deal.Here are some other big moves and talking points at 12:45 p.m. Hong Kong time:Tencent (TCEHY), the Chinese social media and gaming giant, continued to fall after it warned of challenges ahead for its business. It was last down 0.9%.On Thursday, the Dow (INDU) rose about 100 points, or 0.4%, recouping some of the heavy losses in the previous session. The S&P 500 (INX) ended 0.25% higher. But the Nasdaq (COMP), with its many tech companies, dipped 0.1%.Alibaba (BABA), the Chinese online retailing giant, jumped 3% on Wall Street after it reported sales that beat market estimates. Its revenue surged 42% in the latest quarter.CNN Business’ David Goldma contributed to the story.