Asian shares gain after China says more help is needed for its slowing economy

BANGKOK (AP) — Asian shares gained ground on Monday, with stocks in China rising more than 1% after the finance minister said over the weekend that more stimulus is needed for the slowing economy.

U.S. futures were little changed and oil prices retreated.

China’s finance minister said Saturday that the government was looking at additional ways to boost the economy, but he didn’t give details of a major new stimulus plan. Stock investors and analysts have been hoping for a plan of up to 2 trillion yuan, or about $280 billion.

But any expressions of support tend to push prices higher, and the “national team” of big state-run companies and financial institutions tend to weigh in with stock purchases to help stabilize markets, analysts say.

“The devil, as they say, is always in the details—or in this case, the glaring lack of them. When it comes to Chinese policy briefings, it’s usually all sizzle and no steak,” Stephen Innes of SPI Asset Management said in a commentary. “By mid-week, we’ll see if the market bid has legs, and by month’s end, we’ll know for sure if Beijing is delivering the goods or if it’s just more smoke and mirrors.”

The Shanghai Composite index rose 1.7% to 3,271.06 and the smaller market in Shenzhen gained 1.9%. Hong Kong’s Hang Seng index lost 0.4% to 21,164.93.

China reported that consumer inflation weakened in September and that wholesale prices fell further, reflecting continued weakness in domestic demand that has spurred the government into a flurry of measures meant to revive falling housing sales and other spending.

Large-scale Chinese military exercises surrounding Taiwan and its outlying islands on Monday appeared to have scant impact on markets.

Taiwan’s Taiex was up 0.4%.

Tokyo’s markets were closed for a public holiday. In South Korea, the Kospi added 1% to 2,622.43, while Australia’s S&P/ASX 200 picked up 0.5% to 8,253.60.

The advance in Asia followed a strong close on Friday on Wall Street as U.S. stocks rose to records, lifted by strong profits at big banks.

The S&P 500 climbed 0.6% to 5,815.03, topping its all-time high set earlier in the week and closing out its fifth straight winning week. The Dow Jones Industrial Average jumped 1% to set its own record, at 42,863.86. The Nasdaq composite lagged the market with a gain of 0.3% after a slide for Tesla kept it in check. It closed at 18,342.94.

Wells Fargo rose 5.6% after reporting stronger profit for the latest quarter than analysts expected. JPMorgan Chase climbed 4.4% after reporting a milder drop in profit than analysts feared. It was the strongest single force pushing upward on the S&P 500.

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BlackRock, meanwhile, rose 3.6% after likewise delivering better profit for the latest quarter than analysts expected. The investment giant ended September managing a record $11.5 trillion in total assets for its customers.

The gains for banks helped make up for Tesla’s 8.8% tumble after the electric-vehicle maker unveiled its long-awaited robotaxi on Thursday night. Critics highlighted a lack of details about its planned rollout.

Following the unveiling of the “Cybercab,” potential rival Uber Technologies jumped 10.8% and was one of the strongest forces lifting the S&P 500. Lyft rose 9.6%.

In the bond market, Treasury yields were mixed following the latest updates on inflation at the wholesale level and on sentiment among U.S. consumers.

Prices paid by producers were 1.8% higher in September than a year earlier, improved but not by as much as economists expected.

In other dealings early Monday, U.S. benchmark crude oil lost 91 cents to $74.65 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, fell 95 cents to $78.09 per barrel.

The dollar rose to 149.30 Japanese yen from 149.08 late Friday. The euro fell to $1.0926 from $1.0935.