Asian stocks rebounded thanks to improved investor sentiment in the real estate sector, in addition to gains achieved by electric car companies.
The Hang Seng Index in Hong Kong recovered from a decline of about 1.1% to once again enter the bullish zone, with real estate stocks erasing their losses on the back of news that the troubled developer Country Garden Holdings obtained the approval of its creditors to extend the repayment period of 6 local bonds. . The company's shares also rose by about 10%, with the Chinese real estate developer index also rising by 2.7% after falling 2% earlier.
Electric car recovery
Expectations of increased demand for electric cars from mid-September also led to a recovery in the markets, as it gave a boost to the shares of electric car manufacturers, such as: XPeng, Li Auto, and BYD.
Other benchmark indices in the region also rose broadly. In comparison, US stock futures fell slightly, after technology stocks led their rise on Monday, with the Nasdaq 100 index advancing 1.2%.
Turning to the currency market, the Japanese yen fell slightly after its significant rise in the previous session, and the US currency stabilized after its largest decline in two months. But the yuan did not witness significant changes after the People's Bank of China (the country's central bank) fixed the daily reference rate at less than 7.20 against the dollar, in a new indication that the bank will not stand idly by in the face of the significant decline of the Chinese currency.
