The Asia-Pacific market traded nearly top Monday, tracking Wall Street profits at the top of the state on Friday as investors assessed China’s key lending rate decisions.
China’s CSI 300 opened in a flat after the central bank did not change its loan prime rate (LPR) for the fourth consecutive month, in line with Reuters polls. The PAT decision comes after the US Federal Reserve reduced its 25 basis points last week.
According to a statement on Monday, the People’s Bank of China has kept its one-year LPR at 3.0%, at 3.0%. One-year LPR affects most new and unresolved loans, while five-year rates affect mortgage pricing.
Hong Kong’s Hang Centech index fell 0.3%, while the Hang Centech index fell 0.47%.
Japanese benchmark Nikkei 225 The index rose 1.28%, while the Topix index rose 0.8%. Over the course of 10 years, Japanese government bonds increased by 0.67% to 1.650, the highest level since July 2007.
South Korea Kospi The index added 0.71%, while the smaller Cosdaq was 0.9% higher.
Australia’s ASX/S&P 200 increased by 0.49%.
US stock futures changed little in early hours in Asia after a strong week of major averages. The Dow Jones Industrial Average and the S&P 500 were closed at an all-time high as the Fed rate was set in investors’ minds.
According to the CME FedWatch tool, the market is priced with two more quarterpoint cuts from now until the end of the year.
On the state side on Friday, the Dow Jones industrial average closed at 46,315.27, adding 172.85 points (0.37%). The S&P 500 rose 0.49% at 6,664.36, while the Nasdaq Composite rose 0.72% to finish at 22,631.48.
– CNBC’s Anniek Bao, Sarah Min, Pia Singh and Alex Harring contributed to this report.
