In the midst of countervailing forces, the stock markets in the Asia-Pacific region in the wake of macroeconomic data for China and the reduction of interest rates decided by the country’s central bank and while investment interest turns to economic data expected from Japan and India.
In particular, China’s economy presented unexpected slowing trends in July, with industrial activity and retail trade under pressure from the zero-contamination policy for the coronavirus. Meanwhile, the People’s Bank of China (PBOC) unexpectedly cut the one-year medium-term lending facility (MLF) rate to some financial institutions by 10 basis points (bps) to 2.75% from 2.85%.
On Tuesday the markets in mainland China are moving higher with the Shanghai Composite adding 0.37% and Shenzhen gaining 0.49%.
In the Hong Kong the Hang Seng marginally gains less than 0.1%.
On the contrary to Japan the Nikkei 225 fell 0.13%, while the Topix lost 0.19%, with shares of Nissan, Honda and Toyota slipping about 1% each.
In South Koreathe Kospi is up 0.3% and in Australia the S&P/ASX 200 is up 0.53%.
In Australia consumer confidence rebounded according to the latest ANZ-Roy Morgan reading, after the negative sentiment that prevailed after the country’s Central Bank announced an interest rate hike earlier in August.
Source: Capital
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