Japan Exchange Group Inc. on Monday, November 30, 2020, in Tokyo, Japan. (JPX) Onlookers stand in front of an electronic ticker at the Tokyo Stock Exchange (TSE).
Toru Hanoi | Bloomberg via Getty Images
Shares in the Asia-Pacific region were mostly lower on Monday as worries about aggressive Fed hikes resurfaced, but Chinese markets later rose.
The rose 0.61% to 3,277.79, and 12,505.68 up 1.19%.
China’s central bank cut its one-year benchmark lending rate by 5 basis points to 3.65% and its five-year interest rate by 15 basis points to 4.3%.
“We think the asymmetric cuts … are supporting long-term credit, and mortgages in particular, as overall credit supply remains adequate while credit demand remains sluggish,” analysts said in a Goldman Sachs economic research note on Monday.
Elsewhere in Asia, Hong Kong It was down 0.6% in the final hour of trading.
The Japan pared some losses but fell 0.47% to 28,794.5 and the TOPICS index slipped 0.1% to 1,992.59.
of South Korea It fell 1.21% to 2,462.5, while Costco lost 2.25% to 795.87.
The Australia fell 0.95% to end the session at 7,046.9.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.95% lower.
“Recent central bank speakers have emphasized the message that more rate hikes are on the way as the fight against inflation is not yet won,” Rodrigo Cattrill, currency strategist at National Australia Bank, wrote in a note on Monday.
Investors are looking ahead to the Fed’s annual Jackson Hole Economic Symposium, which begins on Thursday.
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