China’s Central Huijin Investment, a sovereign fund that owns state-run banks and other enterprises, has announced plans to increase stock purchases to counter heavy selling pressure in the country. However, gains in Shanghai, Shenzhen, and Hong Kong were smaller than recent losses. Oil prices rose and U.S. futures were mixed. Hong Kong’s Hang Seng rose 3.6%, led by technology shares like Alibaba and JD.com.
The Shanghai Composite index rose 2.6%, while other Asian indexes fell 0.5%. Wall Street stocks slipped on Monday due to strong economic data, potentially delaying interest rate cuts. U.S. stock futures were mixed after the S&P 500 fell 0.3%.