The rally in Chinese markets lost momentum on Tuesday after the National Development and Reform Commission briefing failed to provide substantial details on additional stimulus measures. Mainland China’s CSI 300 surged over 10% at the open, post-Golden Week, before trimming gains. Hong Kong’s Hang Seng Index plunged over 10% before recovering slightly. Other Asia-Pacific markets were mostly down, influenced by Japanese pay and spending data. In the U.S., markets faced pressure from rising oil prices and higher Treasury yields. The 10-year Treasury yield hit above 4%, its highest since August, while U.S. crude prices surged over 3%.
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00:00It's Benzinga, and here's what's on the block.
00:02The rally in Chinese markets lost momentum on Tuesday after the National Development
00:07and Reform Commission briefing failed to provide substantial details on additional stimulus
00:12measures.
00:13Mainland China's CSI 300 surged over 10% at the open, post-global week before trimming
00:18gains.
00:19Hong Kong's Hang Seng Index plunged over 10% before recovering slightly.
00:24Other Asia-Pacific markets were mostly down, influenced by Japanese pay and spending data.
00:30In the U.S., markets faced pressures from rising oil prices and higher Treasury yields.
00:35The 10-year Treasury yield hit above 4%, its highest since August, while U.S. crude prices
00:40surged over 3%.