Asian stocks mixed with China’s interest rate move

Asia-Pacific markets were mixed on Tuesday as investors digested the Chinese central bank’s decision to cut the one-year and five-year loan rates by 10 basis points each to 3.55 percent and 4.20 percent, respectively. The move comes after the People’s Bank of China cut some key lending rates last week.

Mainland Chinese markets mixed after the announcement; The Shanghai Composite Index fell 0.22 percent, while the Shenzhen Component Index rose 0.24 percent. Hong Kong’s Hang Seng index fell 0.5 percent.

In Australia, the S&P/ASX 200 rose 0.32%, extending Monday’s gains as the Reserve Bank of Australia released the minutes of its June meeting.

In Japan, the Nikkei 225 reversed its previous losses and rose 0.17 percent, while Topix lost 0.36 percent.

South Korea’s Kospi also fell 0.34%, continuing its decline since Monday, while Kosdaq also saw a 0.2% loss.

US markets were closed on Monday for the Juneteenth holiday, but stock futures started the week lower as investors look forward to a holiday-shortened trading week.

Futures linked to the Dow Jones Industrial Average fell 0.26%, while S&P 500 futures fell 0.16%. Nasdaq 100 futures fell 0.15%.

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