Fri, 12 Aug 2022

SYDNEY, NSW, Australia - Stocks roared in Asia on Tuesday after China's central bank eased monetary conditions to stave off a collapse in property stocks.

"In order to keep the liquidity of the banking system adequate at a reasonable level, the People's Bank of China conducted reverse repo operations in the amount of RMB 10 billion through interest rate bidding on December 7, 2021," the bank said in a statement published on Tuesday.

The Hang Seng index in Hong Kong clearly favoured the move, with a more than 600 points gain in late trading.

Elsewhere, in Japan, the Nikkei 225 advanced 528.23 points or 1.89 percent to 28,455.60.

The Australian All Ordinaries added 82.20 points or 1.09 percent to 7,611.20.

China's Shanghai Composite edged up 5.78 points or 0.16 percent to 3,595.09.

The U.S. dollar was mixed on Tuesday, but little changed. The euro was steady at 1.1290 around the Sydney close Tuesday. The British pound was slightly firmer at 1.3274. The Japanese yen weakened to 113.68. The Swiss franc was little changed at 0.9248.

The Canadian dollar edged up to 1.2728. The Australian dollar was sharply higher at 0.7088. The New Zealand dollar inched up to 0.6769.

Overnight on Wall Street, the Dow Jones industrials advanced 646.95 points or 1.87 percent to 35,227.03.

The Nasdaq Composite added 0.93 percent to 15,225.15.

The Standard and Poor's 500 rose 1.17 percent to 4,591.67.

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