Australian shares set for muted open. Reserve Bank poised to lift rates with statement at 2.30pm AEST. Iron ore, bitcoin rise. Follow updates here.
US-listed China stocks surged on Monday to the highest since early April on increased speculation that a year-long government crackdown on the technology industry is easing.P 500 Index struggled to mount much of an advance, the Nasdaq Golden Dragon Index closed 5.4 per cent higher after surging as much as 8.3 per cent, as Chinese regulators were said to be close to wrapping up their investigation of Didi Global.
China’s major technology firms, including Alibaba Group Holding, were among the leading gainers amid more optimistic sentiment towards the industry.“This is the most tangible sign that the government is, in fact, easing back on its regulatory scrutiny of the tech industry,” said Adam Crisafulli, the founder of Vital Knowledge. China tech stocks had momentum building up for a few weeks on back of easing COVID-19 restrictions and stepped-up stimulus measures, he added.
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