Market Turmoil: Global Shares Falter Amid Economic Uncertainties
Asian shares hit three-week lows as China's housing policy disappointed investors. The European Central Bank anticipates a rate cut, affecting the euro. Meanwhile, TSMC's profit exceeded expectations. Global markets are closely watching monetary policies and China's housing sector developments, amid investor concerns over economic directions.
Global markets were on edge Thursday, as Asian shares fell to three-week lows following a lackluster housing policy briefing in China that failed to meet investor expectations. Property stocks took a hit while the euro neared an 11-week low with the European Central Bank poised for a rate cut.
Meanwhile, chipmaking power TSMC exceeded earnings forecasts and anticipated a significant revenue boost in the fourth quarter. European stock futures showed slight increases in Asia, whereas Japan's Nikkei dropped by 0.7%. Chinese stock indexes lacked clear direction after early gains faded.
Hong Kong's Hang Seng index rose by 0.5%, still 12% beneath its recent high, as investors await further Chinese economic measures. Despite a pledge to bolster funding access for builders, concerns linger with no major new economic stimuli announced for the housing sector.
(With inputs from agencies.)
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