Chinese stocks jumped in early trading as the mainland returned to work after a weeklong break to celebrate National Day. The CSI 300, which tracks the Shanghai and Shenzhen stock exchanges, was up 10.8% when markets opened. The Shanghai Stock Exchange Composite index jumped 10.2%, and the Shenzhen Component Index rose 12.7%.
However, the euphoria died down after the National Development and Reform Commission (NDRC)—China’s economic planning board—held its planned press conference to discuss Beijing’s stimulus measures. Prior to the holiday break, China’s central government unveiled stimulus measures aimed at jump-starting a sluggish economy, and investors who were hoping for more stimulus at the NDRC event were probably left underwhelmed.
