S&P futures are indicating a higher open today, up +0.22%. Following China's policy easing announcements, Asian equities closed mostly higher, with Shanghai Composite and Hang Seng recording substantial gains. European equity markets are also higher in early trades.
In today's highlight, PBOC announced measures to stimulate China's economy, including a 50 bps cut to the RRR to release CNY1T in liquidity, with potential further cuts by year-end. The 7-day reverse repo rate will decrease by 20 bps to 1.5%, and interest rates on existing mortgages will be reduced, alongside a nationwide reduction in the down payment ratio for second homes to 15%. China will also allow funds and brokers to use central bank funding for stock purchases and establish special refinancing options for share buybacks.
Companies Mentioned: Chevron (NYSE:CVX), Liberty Broadband, Visa (NYSE:V), Brookfield Asset Management (TSX:BAM)