Bangkok, Sep 26 (AP) Shares rolled higher in Asia on Thursday after US stocks edged back from their records. Japan's Nikkei 225 index gained more than 2 per cent and US futures and oil prices also advanced. Also Read | OpenAI CTO Mira Murati, Chief Research Officer Bob McCrew, VP Research Barret Zoph Resign as CEO Sam Altman Rejigs Leadership Team.
The rally in Asia followed an announcement that the Chinese government plans to give cash handouts or discount vouchers to the poor ahead of next week's National Day holidays. While subsidies to ordinary people are uncommon, the ruling Communist Party sometimes marks special occasions with payments to families in difficulty. The amount of the payments was not given.
But they might help address a weak point for the economy — faltering consumer spending. Also Read | 'Hindus Go Back!': BAPS Hindu Temple Defaced With Anti-Hindu Graffiti in California’s Sacramento, Second Vandalism Incident Within 10 Days in US (See Pics). A notice on the WeChat social media account of the Ministry of Civil Affairs said authorities would “issue a one-time living allowance to the extremely poor, orphans and other needy people on the occasion of the 75th anniversary of the founding of New China”, which is marked on October 1, next Tuesday.
Hong Kong's Hang Seng climbed 1.7 per cent to 19,461.25 and the Shanghai Composite index added 0.
6 per cent to 2,914.19. The Nikkei in Tokyo advanced 2.
5 per cent to 38,812.94. South Korea's Kospi jumped 2.
1 per.