Asia Gains on China Loan News
Asia-Pacific markets climbed Tuesday as China cut its key lending rates by 10 basis points in a move to boost its economy, at a time when trade tensions threaten to derail growth.In Japan, the Nikkei 225 recovered 30.86 points, or 0.1%, to 37,529.49. In Hong Kong, the Hang Seng leaped 348.76 points, or 1.5%, to 23,681.48.Investors are also assessing the world’s largest battery manufacturer Contemporary Amperex Technology which rose over 11% in its Hong Kong trading debut on Tuesday.Australia’s central bank cut its policy rate to 3.85%, its lowest level since May 2023, as inflation concerns in the country continue to recede, giving room for the bank to ease monetary policy.Australia’s inflation has been on a downtrend, with the most recent headline inflation coming in at a four-year low of 2.4% in the first quarter of 2025.The Reserve Bank of Australia has emphasized in its previous monetary policy statement that bringing inflation to its 2% to 3% target range sustainably remains its highest priority. The Commonwealth Bank of Australia expects the RBA to cut the cash rate by 25 basis points to 3.85%.The RBA said in its previous monetary policy statement that returning inflation sustainably to its target of between 2% and 3% “within a reasonable timeframe” is its highest priority.Investors are also assessing the world’s largest battery manufacturer Contemporary Amperex Technology which rose over 11% in its Hong Kong trading debut on Tuesday.CHINA In China, the CSI 300 gained 21.02 points, or 0.5%, to 3,898.17. The People’s Bank of China trimmed the 1-year loan prime rate to 3.0% from 3.1%, and the 5-year LPR to 3.5% from 3.6%.In other markets In Korea, the Kospi index doffed 1.62 points, or 0.1%, to 2,601.80In Taiwan, the Taiex Index nicked ahead 2.2 points to 21,526.03In Singapore, the Straits Times index eked ahead 6.3 points, or 0.2%, to 3,882.50In New Zealand, the NZX 50 took on 15.16 points, or 0.1%, to 12,655.23.In Australia, the ASX 200 gained 48.23 points, or 0.6%, to 8,343.33
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