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Asian Shares Advance On Fed Rate Cut Hopes, China Stimulus
Asian stocks advanced on Monday due to rising expectations for Fed rate cuts in 2024 and China's stimulus measures announced last week to support the country's struggling property market.
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China Keeps Lending Rates Unchanged As Expected
China central bank retained its benchmark lending rates as expected on Monday after the government rolled out measures to support the property market. The People's Bank of China left the one-year loan prime rate unchanged at 3.45 percent. Likewise, the five-year LPR, the benchmark for mortgage rates, was maintained at 3.95 percent.
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Australian Dollar Rises As Asian Stock Markets Traded Higher
The Australian dollar strengthened against other major currencies in the Asian session on Monday, as Asian stock markets traded higher, following the mixed cues from Wall Street on Friday, after recent economic data has generated optimism about an interest rate cut in the coming months, but comments from U.S. Fed officials have put a damper on some of the cheer. Announcement of fresh stimulus measures in China also boosted commodity prices.
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Australian Dollar Rises Against Majors
The Australian dollar strengthened against other major currencies in the Asian session on Monday.
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European Shares Seen Opening Up On China Optimism
European stocks may open a tad higher on Monday after Beijing rolled out a string of supportive measures for the property market.
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Asian Markets Trade Mostly Higher
Asian stock markets are trading mostly higher on Monday, following the mixed cues from Wall Street on Friday, after recent economic data has generated optimism about an interest rate cut in the coming months, but comments from US Fed officials have put a damper on some of the cheer. Announcement of fresh stimulus measures in China also boosted commodity prices. Asian markets closed mixed on Friday
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Indian Markets Closed For Lok Sabha Elections
Indian markets remain closed today on account of Lok Sabha polls in Mumbai.
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Japanese Market Sharply Higher
The Japanese stock market is trading sharply higher on Monday, recouping the losses in the previous session. The benchmark S&P/ASX 200 is moving above the 39,200 level, following the mixed cues from Wall Street on Friday, with gains across most sectors led by index heavyweights and financial stocks.
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Lower Open Predicted For Thai Stock Market
The Thai stock market has moved higher in consecutive trading days, gathering more than a dozen points or 0.9 percent along the way. The Stock Exchange of Thailand now sits just above the 1,380-point plateau although it's looking at a soft start on Monday.
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Australian Market Significantly Higher
The Australian stock market is currently trading significantly higher on Monday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 moving uo to near the 7,900.00 level, following the mixed cues from Wall Street on Friday, with gains across most sectors led by mining and energy amid a spike in commodity prices.
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Indonesia Shares Due For Profit Taking On Monday
The Indonesia stock market has moved higher in three straight sessions, gathering more than 230 points or 3.3 percent along the way. The Jakarta Composite Index now sits just beneath the 7,320-point plateau although investors figure to lock in gains on Monday.
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Win Streak May End For Hong Kong Stock Market
The Hong Kong stock market has moved higher in two straight sessions, climbing almost 480 points or 2.5 percent along the way. The Hang Seng Index now sits just above the 19,550-point plateau although it's likely to open under water on Monday.
The global forecast for the Asian markets is murky, with profit taking likely to cap any upside. The European markets were soft and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
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Rally May Stall For China Stock Market
The China stock market has tracked higher in back-to-back sessions, gathering almost 35 points or 1.2 percent in that span. The Shanghai Composite Index now sits just above the 3,150-point plateau although it may run out of steam on Monday.
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