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Market Commentary - Foreign Markets

Chinese shares gain as Beijing pledges policy support

06-Mar-2025, 04:37
Asian stocks advanced on Thursday after U.S. President Donald exempted automakers from newly imposed tariffs on Mexico and Canada for one month, raising hopes for negotiations.

The U.S. dollar declined ahead of key U.S. jobs data due on Friday and gold was slightly lower while oil prices rebounded after four straight sessions of losses on demand and oversupply concerns.

China's Shanghai Composite index rose 1.17 percent to 3,381.10 after Beijing pledged policy support for tech and consumption.

Hong Kong's Hang Seng index jumped 3.29 percent to 24,369.71 ahead of the release of Chinese trade data on Friday.

Alibaba Group Holding shares soared 8.4 percent after the company announced a model that it claims provides DeepSeek-level performance with far less data. The company also said the model is more energy and cost efficient.