Asian stocks turned in a mixed performance on Monday as China’s central bank once again cut interest rates and the country’s banks slashed borrowing costs to combat the country’s stubborn economic slump.
The dollar fell as global finance chiefs gather in Washington this week amid intense uncertainty over wars in the Middle East and Europe, and uncertainty around the U.S. presidential election.
Gold reached another record high while oil prices recovered some ground, after having fallen nearly 8 percent last week on China demand concerns.
Israel opened up a fresh military assault on Hezbollah’s strongholds in Lebanon, a day after a drone exploded next to Prime Minister Benjamin Netanyahu’s private home.
Israel has already vowed to retaliate against Iran for a missile attack at the start of October.
China’s Shanghai Composite index ended 0.20 percent higher at 3,268.11 after a volatile session as the People’s Bank of China cut the one- and five-year LPRs by 25 basis points to 3.1 percent and 3.6 percent, respectively.
Hong Kong’s Hang Seng index fell 1.57 percent to 20,478.46 as tech stocks declined and investors awaited earnings from prominent companies, including Ping An and HKEX.
Japanese markets ended little changed on fading BoJ rate hike bets and ahead of the general election at the end of this week. The Nikkei average finished marginally lower at 38,954.60 while the broader Topix index settled 0.34 percent lower at 2,679.91.
Seoul stocks eked out modest gains to snap a three-day losing streak. The Kospi average inched up 0.43 percent to 2,604.92, with Hyundai Motor, Korean Air and Jeju Air climbing 1-3 percent.
Australian markets rose notably as higher commodity prices boosted mining and energy stocks. The benchmark S&P/ASX 200 jumped 0.74 percent to 8,344.40 while the broader All Ordinaries index closed 0.62 percent higher at 8,604.10.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 index rose 0.77 percent to 12,923.22, nearing the 13,000 points mark for the first time since 2021.
U.S. stocks advanced on Friday as economic optimism prevailed, and markets gunned for a Donald Trump victory in the upcoming presidential elections.
The Nasdaq gained 0.6 percent after streaming giant Netflix topped Wall Street estimates for subscriber additions.
The Dow finished marginally higher and the S&P 500 added 0.4 percent to reach new record closing highs and seal six straight week of gains despite weak housing data.
Business News
Asian Shares Mixed After China Rate Cut
2024-10-21 08:40:55
