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China benchmark lending rate, Wall Street losses

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Singapore — Hong Kong stocks drove the rise as stocks in the Asia-Pacific market rose on Friday and the volatile trading week was nearing the end.

The Hang Seng Index soared 2.2% and 1.85% in early trading, while the Hang Seng Index soared 3.55%. Hong Kong-listed Chinese stocks traded higher, with Xpeng up 6.49% and Baidu up 4.51%.

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Another trend is that China maintained its one-year benchmark lending rate at 3.7%, but lowered its five-year loan prime rate (LPR) by 15 basis points. This year was the second cut.

“This is a long-awaited move against the backdrop of Covid’s turmoil, and cuts have exceeded market expectations,” said Chaoping Zhu, Global Market Strategist at JP Morgan Asset Management. ..

Zhu said in an email that bank loans have plummeted, indicating a lack of trust in businesses and households. Friday’s LPR cuts, along with a reduction in the reserve requirement ratio in April, could help boost demand in the real estate and land markets, Zhu added.

Julian Evans Pritchard, senior China economist at Capital Economics, said the five-year LPR cut was the largest ever cut and aimed at supporting housing demand.

Mainland China stocks rose on Friday. Shanghai Composite rose 1.11% and SZSE Component Index rose 1.33%.

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The stock of Chinese electric car maker Nio has skyrocketed in its debut in Singapore on Friday and is the third exchange on which it is listed. Stocks soared open and surged nearly 20%, then traded about 1.3% higher than most profits.

Japan’s Nikkei 225 rose 0.97% and Topix rose 0.59%. Japan’s major consumer prices, including energy costs but not fresh food, rose 2.1% year-on-year, according to economists’ estimates, according to Reuters.

Australia’s S & P / ASX 200 was 1.03% higher.

In South Korea, Kospi rose 1.68% and Kosdaq rose 1.44%. MSCI’s widest non-Japanese Asia Pacific stock index rose 1.47%.

US-listed tech stocks skyrocket

Grab’s share surges in the U.S. overnight after Southeast Asian ride-hailing services and food delivery companies report 6% revenue growth and predict that businesses will improve as more countries relax Covid’s restrictions. Did.

Shares closed at $ 3.14, up 24.11%, below the daily high of $ 3.68. In after-hours trading, the share continued to rise by nearly 2%.

TSMC also surged in the United States on Thursday following reports of plans to open a factory in Singapore.

Shares rose to $ 92.10, but fell 0.35% to close at $ 90.21. In after-hours trading, TSMC rose 0.21%.

Overnight on Wall Street, the US stock index fell and the S & P 500 approached a bear market. Investors are afraid that the Fed’s rate hike could put the United States in recession.

The S & P 500 fell 0.58% to 3,900.79, and the Dow Jones Industrial Average fell 236.94 points (0.75%) to 31,253.13. The Nasdaq Composite was down 0.26% to 11,388.50. These moves followed a sharp drop on Wednesday.

currency

The US dollar index, which tracks greenbacks against peer baskets, was the last at 103.023, above 103.5 earlier this week.

The Japanese yen rose to $ 127.57 per dollar, while the Australian dollar was $ 0.7008.

Crude oil futures fell in Asian trade. US crude fell 1.21% to $ 110.85 a barrel, while international benchmark Brent crude fell 0.88% to $ 111.05 per barrel.

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