Asian shares jump as Chinese leaders pledge help for economy
Asian stocks advanced Friday after Chinese leaders pledged to step up efforts to support the economy as the country weathers its worst outbreaks of COVID-19 since the pandemic began.
Oil prices also rose while U.S. futures were mixed.
Chinese state media reported that the ruling Communist Party's powerful Politburo had pledged to step up efforts to boost growth while also curbing coronavirus outbreaks.
The party's COVID-zero policies have put pressure on President Xi Jinping and other leaders to counter the blow to the economy from shutdowns aimed at vanquishing COVID-19. Such restrictions are affecting the world's second-largest economy through disruptions in shipments, manufacturing and other business activity.
“It is very important to do a good job of economic work and to ensure and improve people’s livelihood," the official Xinhua News Agency said in reporting the meeting.
The report indicated no change in the leaders' strategy for fighting outbreaks.
But it said the meeting agreed on adjusting policies to keep the economy, which was slowing even before the latest waves of coronavirus infections, “operating in a reasonable range” and to speed up implementation of tax rebates and reductions, ensure enough energy supplies and help industries, small businesses and families severely affected by the pandemic.
The Shanghai Composite index gained 2.4% to 3,047.77 while Hong Kong's Hang Seng index surged 3.3% to 20,941.61.
Tokyo was closed for a holiday, the first of several in Japan's coming “Golden Week."
In Seoul, the Kospi added 1% to 2,693.26, while Australia's S&P/ASX 200 advanced 0.7% to 7,407.70.
The price of U.S. benchmark crude oil gained 83 cents to $106.19 per barrel. It jumped $3.34 to 105.36 per barrel on Thursday.
Brent crude, the basis for pricing...