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Stock market today: Chinese shares soar, then fade as Beijing outlines details of stimulus
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A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. - photo by AP Photo/Ahn Young-joon
TOKYO (AP) — Shares soared Tuesday in Shanghai as Chinese markets reopened after a weeklong holiday but then gave up a chunk of their initial gains as officials in Beijing outlined details of plans to revive the world's second-largest economy. The Shanghai Composite index was up 5.5% at 3,519.88 and in Shenzhen, Japan's smaller market, the main index gained 5.3%. The Shanghai benchmark initially gained 10% but fell back as officials of China's main economic planning agency briefed reporters about a slew of policies announced earlier meant to address key problems such as a property market slump.