Shares rolled higher in Asia on Thursday after U.S. stocks edged back from their records.
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Japan’s Nikkei 225 index gained more than 2% and U.S. futures and oil prices also advanced.
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. 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 Oct. 1, next Tuesday.
Hong Kong’s Hang Seng climbed 1.7% to 19,461.25 and the Shanghai Composite index added 0.
6% to 2,914.19. The Nikkei in Tokyo advanced 2.
5% to 38,812.94. South Korea’s Kospi jumped 2.
1%, to 2,649.51, after se.
