Australia’s central bank cut its cash rate for the first time in four yearsAustralia’s central bank cut its cash rate for the first time in four years
Australia, New South Wales, Sydney
Scott E Barbour | The Image Bank | Getty Images
Asia-Pacific markets mostly rose Tuesday, a day after Chinese President Xi Jinping signaled support to the country’s private sector and urged businesses to “show their “talents.”
Australia’s S&P/ASX 200 ended the day 0.66% lower at 8,481, after the Reserve Bank of Australia cut rates by 25 basis points to 4.1%, in line with Reuters’ estimates. This marks the RBA’s first rate cut in over four years.
The Australian dollar had strengthened 0.06% to 0.6351 against the dollar.
The yields on Australian 10-year government bonds have dropped nearly 20 basis points since Jan. 13 to 4.450% on Tuesday, according to LSEG data.
Japan’s benchmark Nikkei 225 was trading 0.56% higher, while the broader Topix index advanced 0.53%.
South Korea’s Kospi was up 0.55%, while the small-cap Kosdaq gained 0.37%.
Mainland China’s CSI 300 Index rose 0.22%, reversing course from previous losses.
Hong Kong’s Hang Seng index rose 2.09%. The Hang Seng tech index climbed 3.18%, reversing course from its over 2% Monday after Xi’s comments in a rare closed-door symposium.
Indian markets started the day in negative territory, with the Nifty 50 was trading 0.41% lower, while the BSE Sensex index was down 0.47%.
U.S. markets were closed due to a public holiday. U.S. stock futures were higher late Monday, as the major averages come off from a winning week.
Dow Jones Industrial Average futures advanced 106 points, or 0.2%. S&P 500 and Nasdaq 100 futures climbed 0.2% and 0.2%, respectively.
— CNBC’s Sarah Min contributed to this report.
Discover more from World Byte News
Subscribe to get the latest posts sent to your email.
