Asian equites closed mixed on Tuesday after China pledged to boost policy support for the COVID-hit economy which has lifted sentiment incentivizing dip buyer.
Shares in Mainland China closed inching dow around 1% while Hong Kong, South Korea and Japan closed in the positive. Thailand closed moderately higher.
U.S. equity futures slipped while treasury yields fell, the dollar stayed steady.
Japan announced measures to counter the blow to consumers and businesses from soaring fueled and food costs that has turn lost lucrativeness of the yen dipping it to a two-decade low.
According to the cabinet office, 6.2 trillion of steps will be funded from sources including an additional budget and existing reserves. Once private sector contributions are included, the estimated scale of the measures widens to 13.2 trillion yen, it added.
“It’s a question of what’s monetary policy going to look like and it’s super unknown,” Nancy Davis, chief investment officer at Quadratic Capital Management LLC, said on Bloomberg Television.
“It’s a huge week for U.S. earnings,” Chris Weston, head of research at Pepperstone Financial Pty, wrote in a note. While “China is the elephant in the room,” earnings matter and risk sentiment could firm up, he said.
Crude oil pared loss moderately with the WTI trading around $98 a barrel while the Brent is trading around $102 a barrel.