- Stocks gained ground overnight as China announced it would start implementing a package of stimulus measures to boost its economy.
- They include a cut to VAT rates for selected industries and tax rebates for others, helping brighten the outlook for its economy and easing fears about a global slowdown.
- Senior policy officials also pledged that tax reductions on a "larger scale" are in the pipeline, which JPMorgan Chase (NYSE:JPM) economists estimate will impact around 2T yuan ($300B), or 1.2% of GDP.
- Asia: Nikkei +1%; Hang Seng +2%; Shanghai +1.4%; Sensex +1.1%.
- Europe: FTSE 100 +0.2%. CAC 30 +0.5%. DAX +0.3%.
- U.S. futures: Dow +0.5%; S&P 500 +0.5%; Nasdaq +0.6%.
- Oil is up 0.7% at $50.84/bbl, gold is 0.2% lower at $1288/ounce and the 10-year Treasury yield is down 2 bps to 2.69%.
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