Five Things You Need to Know to Start Your Day: Europe
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Good morning. Stocks rise in Asia after China unleashes a slew of support measures. Crude oil also gains amid rising Middle East tensions. And the debate goes on over how fast the Fed will go in this easing cycle. Here’s what people are talking about.
China’s central bank unleashed an unprecedented blitz of policy support for the economy, as authorities made their boldest swing so far to hit this year’s annual growth target of about 5%. People’s Bank of China governor Pan Gongsheng cut the amount of money banks must hold in reserve to the lowest level since at least 2020, and reduced a key policy rate at a rare briefing in Beijing on Tuesday. That marked the first time both measures were slashed on the same day in at least the past decade, underscoring the urgency of his task. Following the latest measures, Asian stocks advanced, with shares in Hong Kong outperforming.