- Shares in Asia fluctuated as investors digested the latest batch of Chinese economic reports, while Treasuries extended Wednesday's gains in a sign of growing expectation that the Federal Reserve's tightening cycle is coming to an end.
- Equity benchmarks for mainland China and Hong Kong fell after China's manufacturing activity contracted again, albeit less than expected, and the services PMI showed a slowing expansion. The offshore yuan and Australian dollar lost ground against the US dollar.
- The latest signs of weakness in the world's second largest economy were met with more official support. The People's Bank of China met with lenders and private companies to discuss ways to improve their access to capital.
- China's homebuilders, including Country Garden, rallied as tier-one cities Guangzhou and Shenzhen eased restrictions on home purchases. Baidu and SenseTime stock rose after receiving approval to launch generative artificial intelligence services.
- In other Asian markets, Japanese stocks rose, while Australian stocks were flat and South Korean stocks fell. On the MSCI Asia-Pacific Index, which gained slightly, about three stocks fell for every two that advanced.
- US equity futures were also unchanged. The S&P 500 gained for a fourth day on Wednesday, bringing this week's gains to 2.5%, while the tech-heavy Nasdaq 100 has gained 3.5%.
