Sydney, Aug. 28 (BNA): Asian shares rallied on Monday as China announced new measures to support its ailing markets, though the mood was still cautious ahead of readings on U.S. jobs and inflation that could decide whether interest rates have to rise again.
Beijing on Sunday announced it would halve the stamp duty on stock trading in the latest attempt to boost the struggling market and followed steps to support housing. China’s securities regulator also approved the launch of 37 retail funds, Reuters reported.
The help was needed given profits at China’s industrial firms fell 6.7% in July from a year earlier, extending this year’s slump to a seventh month.
Investors welcomed any aid they could get and Chinese blue chips climbed 1.5% in choppy trade, coming off their lows for the year so far.
Eyes are now on the official PMI for August out on Thursday which is still expected to show activity is in the red.
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