Chinese Stocks Mixed as Lunar New Year Approaches, S&P 500 Hits Fresh High

Asian stocks showed a mixed performance on Thursday as Chinese mainland equities recorded gains on the final trading day before the Lunar New Year holidays. Meanwhile, the S&P 500 closed at a fresh high, indicating positive sentiment in the global market.

Chinese benchmarks witnessed a surge after the nation unexpectedly replaced the head of its securities regulator on Wednesday. This development is regarded as a potential precursor to more assertive measures aimed at supporting the stock market. However, amid the progressing sentiment, gloom was cast by China’s consumer prices, falling at the fastest pace since the global financial crisis, as the country grapples with persisting deflationary pressures.