Asian stocks rise on tech gains; China slips as stimulus wanes By Investing.com

Investing.com– Most Asian stocks were higher on Wednesday, with technology stocks tracking gains in their U.S. peers, while Chinese markets fell sharply as investors were disappointed by a lack of details on more stimulus measures.

Regional markets got a positive lead from Wall Street as a surge in tech stocks helped drive overnight gains.

But U.S. stock index futures were lower in Asian trade, with the focus on more cues on the Federal Reserve and inflation due in the coming days. Bets on a slower pace of US interest rate cuts weighed on stock markets earlier in the week.

Chinese shares slide as stimulus rally fades

China and the indexes were by far the worst performers on Wednesday, each falling more than 4 percent from two-year highs.

Chinese markets rose sharply on Tuesday as trading resumed after the Golden Week holiday and investors cheered a series of stimulus measures announced by the government in late September.

But the rally in stocks fizzled out by late Tuesday, especially as China’s main economic regulator gave little indication of how the new stimulus measures – which include proposed rate cuts, lower requirements reserve and more liquidity support.

Markets were also disappointed by the lack of specific fiscal measures, which Beijing has largely refused to implement despite repeated calls from investors.

The measures announced at the end of September were all aimed at monetary stimulus, which Beijing has repeatedly implemented over the past two years to middling effect.

Hong Kong shares fall, technology helps limit losses

Hong Kong’s index fell 0.5 percent on Wednesday, extending a nearly 10 percent drop from the previous session, although further losses were capped by some resistance in technology stocks.

The Hang Seng is one of the best-performing stock markets this year, after hitting a two-year high in early October on optimism over China.

But falling confidence in the country triggered steep losses on Tuesday, with investors also locking in some of their recent gains.

Asian stocks underpinned by technology

Broader Asian markets rose on Wednesday, mainly supported by gains in the technology sector.

Japan added 0.7 percent, while the index rose 0.1 percent.

Retailer Seven & i Holdings Co., Ltd. (TYO: ) jumped as much as 9.5% after Bloomberg reported Canada Alimentation Couche Tard Inc (TSX: ) made a substantially higher bid for the firm — about 7 trillion yen ($47 billion) — after operator 7-Eleven rejected an earlier approach. But the larger offer – which was made last month – has yet to lead to substantive talks.

Australia rose 0.2 percent, while India index futures pointed to a positive open, after Indian stocks bucked a broad stock market rout on Tuesday.

Focus is also on a meeting later in the day, where the central bank is expected to keep rates unchanged.