- As China increased stimulus to help its ailing economy, Asian stocks rose and metals rallied, while traders awaited Friday's jobs report to gauge the Federal Reserve's policy outlook.
- The MSCI Asia Pacific Index was set to gain for the second week in a row, the longest such streak since mid-June. Mainland China shares rose after ending the month down more than 5%, with energy, financial, and real estate stocks among the best performers. US stock futures edged higher, while Hong Kong's market is closed due to what may be the city's strongest storm in at least five years.
- Aluminum and copper were higher as metals appeared set to extend this week's gains.
- In an effort to support the yuan, the PBoC reduced the foreign exchange reserve requirement ratio for financial institutions. Since then, the currency's gains have been reduced.
- Investors also applauded the government's decision to allow the nation's largest cities to reduce down payments for home buyers and urged lenders to lower interest rates on existing mortgages as well as deposits. Bank of China and other major lenders quickly followed suit by lowering deposit rates.
