Asian stocks mostly rise as China pledges growth support

Asian stocks rose at the open Tuesday after U.S. equities rebounded and China pledged measures to support slowing economic growth. After tumbling, the treasuries steadied.

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Equity benchmarks advanced in Japan and Australia, while South Korea was little changed. The stock futures of the U.S. fluctuated. The S&P 500 wiped out last week's losses, while the technology-heavy Nasdaq 100 gained, aided by receding concerns about the severity of the omicron virus variant. After the company announced a management shakeup, the Chinese tech firms listed in the US led a rebound in Chinese tech firms listed in the U.S.

Treasury yields went up sharply Monday, erasing most of Friday's steep declines due to corporate bond offerings. The curve widened, reversing a trend in which expectations for Federal Reserve rate increases had buoyed short-dated yields. The dollar was steady and oil surged.

China s policy makers moved to expand support for the economy Monday as a property-market downturn threatens to hamper growth. They pledged to stabilize the economy in 2022 and easing real estate curbs. The People's Bank of China said it will reduce the banks reserve requirement ratio, while Premier Li Keqiang said there was room for a variety of monetary policy tools.

Easing of monetary conditions to shore up growth in the world's second largest economy should give some succor for markets whipped by bouts of volatility. The Fed tapering of its bond-buying, which will pave the way for raising rates next year to combat rising inflation, has tested investors appetite for risk.

There's more turbulence ahead for equity markets, according to investors. New restrictions are showing up across the world as authorities try to stem the spread of omicron.

Mona Mahajan, Edward Jones Co.'s senior investment strategist, said on Bloomberg Television that the markets are concerned about a growth scare. There is still uncertainty around the year. We are entering the end of the year. She said that there could be more clarity from the next Fed meeting and around the omicron strain that could spark a year-end rally or at least more optimism heading into next year.

The debt crisis in China continues to be closely monitored. China Evergrande Group plans to include all its offshore bonds and private debt obligations in a restructuring. A group of bondholders of Kaisa Group Holdings Ltd. sent the company a formal forbearance proposal, designed to buy the developer some time and avoid a default.

Geopolitical tensions are also resurfacing. The U.S. and European allies are considering banking sanctions if Russia invades Ukraine. For more market analysis, read our MLIV blog.

Some of the main moves in markets are:

No S&P 500 futures rose by 0.1% at 9 a.m. in Tokyo. The S&P 500 rose 1.2%.

The Japanese yen was little changed at 113.48 per dollar.

The offshore yuan was at 6.3752 per dollar None The yield on 10 year Treasuries held at 1.43%

There was no Gold at $1,781. 17 an ounce None The Fall of a Russian Cyberexecutive Who Went Against the Kremlin