Asian stocks cool a little, after an impressive weekly rally on Chinese markets leading the charge after Beijing announced broad stimulus measures. Japanese Nikkei is up 0.8% today. China's blue-chip index is on track for its best week since 2008, up 15% for the week. Hong Kong's Hang Seng index is headed for a nearly 13% weekly gain, its biggest since 1998.
The People's Bank of China cut the reserve requirement ratio (RRR) by 50 basis points to 6.6%, releasing about 1 trillion yuan ($142 billion) in liquidity. It also lowered the 7-day and 14-day reverse repo rates by 20 basis points each.
China plans to issue special sovereign bonds worth about 2 trillion yuan ($284 billion) this year as part of a fresh fiscal stimulus. The funds will be used for various measures including consumer subsidies and support for families with multiple children.
Commodities linked to China's economy surged. Iron ore prices rose above $100 a metric ton, copper broke the $10,000 a ton mark, gold hit another record, and silver reached a 12-year high.
Oil prices eased for a third day and were on track for a weekly decline. Brent crude futures gained 0.13% to $70.96 per barrel, while WTI crude futures were down 0.21% to $67.53. The weekly losses were attributed to expectations of increased output from Libya and OPEC+.
Japan's industrial output is expected to have fallen 0.9% in August from July, due to weak overseas demand and factory suspensions caused by a typhoon. The data will be released on Monday.
South Korea's exports are forecast to have risen 6.5% in September year-on-year, marking the 12th straight month of growth but at a slowing pace. The country is expected to post a trade surplus for the 16th consecutive month.
The U.S. core personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure, is due later today. Forecasts center around a monthly rise of 0.2%.
Japan's ruling Liberal Democratic Party is holding a leadership contest today, with results expected around 14:20 JST (08:20 BST). The outcome could influence Japanese monetary policy and the yen, which hit a three-week low of 145.56 per dollar.
In corporate news, Toyota's global production fell 11% in August, declining for a seventh straight month. The drop was attributed to a typhoon, a certification scandal in Japan, and production pauses for two SUV models in the U.S.
Intel and the U.S. government are reportedly close to finalizing $8.5 billion in direct funding for the chipmaker, with discussions at an advanced stage.
EURUSD is down 0.12%, silver is down 0.4% and gold is lower 0.16% currently near new all-time-high. Cryptocurrency market is higher with recent gains; currently Bitcoin is up 0.33% today and Ethereum is trading almost 0.23% higher.