Sawt Falasteen - Shanghai stocks swing after stimulus briefing as most of Asia rises

While a much-anticipated briefing on Saturday failed to deliver a hoped-for overall figure on stimulus, Lan Fo'an did set out plans to boost the beleaguered property sector, ramp up borrowing and work to get banks lending more.

Lan said the government would issue special bonds and that it had $325 billion in funds raised that it could deploy in the next three months to achieve its goals.

The announcement came at the end of a volatile week for traders who were left disappointed by a news conference on Tuesday that lacked any new support and barely any detail on a raft of measures unveiled in late September.

The news out of Beijing came a day before data showed Chinese inflation slowed more than expected in September, highlighting the uphill task leaders have in getting the world's number two economy back on track.

Authorities have come under increasing pressure this year to deploy a "bazooka" stimulus as a crisis in the real estate sector shows no signs of easing and consumption remains torpid.

Traders elsewhere in Asia also welcomed another record for the Dow and S&P 500 in New York, cheered by healthy earnings from banking titan JPMorgan Chase, which said the US economy would likely avoid tipping into recession.

"Significant measures for resolving local government debt and supporting the struggling property sector were mentioned," said analysts at HSBC Global Research in a note.

"These are much needed for sustainable growth. We expect more details and the crucial fiscal number to be unveiled later this month at the State Council and/or the NPC Standing Committee meeting."

Investors are now eyeing the release of key Chinese data later in the week, including on retail sales, trade and economic growth.

IG markets analyst Tony Sycamore added: "While the full effects of the recent economic measures may not be immediately evident in the upcoming data releases, these figures will provide more insight into how China's economy is faring and whether additional actions may be necessary."

Shanghai opened sharply higher but later eased back and swung between gains and losses in the morning, while Hong Kong returned from a three-day weekend to drop in the morning.

The markets whipsawed last week, having rocketed more than 20 percent in reaction to the raft of support pledges last month that had a particular emphasis on helping the battered property sector.

Among other markets Sydney, Seoul, Singapore, Taipei, Manila and Jakarta rose.

Oil prices dropped more than one percent as concerns about the outlook for China's economy offset worries about a Middle East-wide conflict after Israel's defence minister pledged his country would strike Iran in retaliation for a missile attack earlier this month.

- Key figures around 0230 GMT -

Shanghai - Composite: UP 0.1 percent at 3,221.99

Hong Kong - Hang Seng Index: DOWN 2.3 percent at 20,755.47

Tokyo - Nikkei 225: Closed for a holiday

Euro/dollar: DOWN at $1.0922 from $1.0941 on Friday

Pound/dollar: DOWN at $1.3047 from $1.3068

Dollar/yen: UP at 149.24 yen from 149.09 yen

Euro/pound: UP at 83.72 pence from 83.70 pence

West Texas Intermediate: DOWN 1.7 percent at $74.30 per barrel

Brent North Sea Crude: DOWN 1.7 percent at $77.72 per barrel

New York - Dow: UP 1.0 percent at 42,863.86 points (close)

London - FTSE 100: UP 0.2 percent at 8,253.65 (close)

H.Jarrar--SF-PST