Looking ahead Asian investors eagerly await China’s loan prime rate decision scheduled for Tuesday. This follows the recent reduction of key lending rates by the world’s second-largest economy. The outcome of this decision holds significant importance for the financial landscape.
Image-: Maket Watch
In a rather tumultuous turn of events, the Asia markets experienced a predominantly downward trajectory on Monday. Although Japan’s markets managed to maintain their position near 33-year highs the Nikkei 225 encountered a slight setback sliding by 0.3%. Similarly, the Topix which had been trading close to the flatline also experienced a dip. South Korea’s Kospi witnessed a notable drop of 0.77% while the Kosdaq fell by 0.21%.
Hong Kong’s Hang Seng index began the day with a 0.48% decline mirroring the performance of mainland Chinese stocks. The Shanghai Composite observed a marginal decrease whereas the Shenzhen Component faced a drop of 0.18%. However, defying the prevailing bearish sentiment in the region Australia’s S&P/ASX 200 index recorded a rise of 0.31% primarily driven by the utilities and consumer services sectors.
Looking ahead Asian investors eagerly await China’s loan prime rate decision scheduled for Tuesday. This follows the recent reduction of key lending rates by the world’s second-largest economy. The outcome of this decision holds significant importance for the financial landscape.
Shifting gears to the diplomatic arena U.S. Secretary of State Antony Blinken currently finds himself in Beijing on a diplomatic mission aimed at repairing the strained ties between the United States and China. Meanwhile, U.S. markets remain closed on Monday to observe the Juneteenth holiday. The week concluded with a decline in all three major indexes despite their strong performance earlier. Notably, the U.S. Federal Reserve chose to hold rates steady marking a deviation from the preceding trend of ten consecutive increases.
The S&P 500 experienced a modest decrease of 0.37% accompanied by a 0.68% loss in the Nasdaq Composite. Nonetheless, both indexes achieved their most remarkable week since March. The Dow Jones Industrial Average slipped by 0.32% yet managed to secure its third consecutive week of positive gains.
