Tuesday 20th February 2024: Asian Markets Slide as Chinese Rate Cuts Fail to Boost Confidence – IC Markets

[ad_1]

Global Markets:

  •  Asian Stock Markets : Nikkei down 0.10%, Shanghai Composite up 0.55%, Hang Seng up 0.28% ASX down 0.08%
  • Commodities : Gold at $2031.5 (0.09%), Silver at $22.97 (-0.14%), Brent Oil at $83.45 (-0.16%), WTI Oil at $78.37 (0.18%)
  • Rates : US 10-year yield at 4.308, UK 10-year yield at 4.158, Germany 10-year yield at 2.409

News & Data:

  • (CAD) IPPI m/m -0.1% vs  -0.1% expected
  • (CAD) RMPI m/m 1.2% vs  0.7% expected

Markets Update:

Asia-Pacific markets declined on Tuesday as the Chinese central bank’s decisions on key lending rates failed to boost investor confidence. The CSI 300 dropped 0.25% after the People’s Bank of China cut its five-year loan prime rate by 25 basis points to 3.95%, while keeping the one- and five-year LPR unchanged at 3.45%. 

Japan’s Nikkei 225 traded 0.11% lower, hovering near record highs, while South Korea’s Kospi experienced a more substantial decline, shedding 1.16%. In Australia, the S&P/ASX 200 closed marginally lower at 7,659, influenced by Star Entertainment’s over 20% drop to a record low amid reports of a potential second inquiry into its Sydney casino.

Notably, U.S. markets were closed on Monday for the Presidents’ Day holiday.

Upcoming Events: 

  • 1:30 PM GMT – CAD CPI m/m
  • 1:30 PM GMT – CAD Median CPI y/y
  • 1:30 PM GMT – CAD Trimmed CPI y/y
  • 1:30 PM GMT – CAD Common CPI y/y
  • 1:30 PM GMT – CAD Core CPI m/m

[ad_2]

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top