Asia-Pacific markets are mixed as China slashed its one-year loan prime rate, but kept its five-year rate unchanged on Monday.
In Japan, the Nikkei 225 index recovered after a long slump, gaining 114.88 points, or 0.4%, to 31,565.24.
In Hong Kong, the Hang Seng dumped 327.56 points, or 1.8%, to 17,623.39.
Korean markets shook a six-day losing streak.
Australian markets descended to their lowest point since July 11.
CHINA
The CSI 300 faltered 54.45 points, or 1.4%, to 3,729.55, and hit its lowest level since November 2022.
The one-year LPR was cut by 10 basis points from 3.55% to 3.45%, while the five-year LPR remained at 4.2%. The five-year LPR also serves as a peg for mortgages.
Reuters reported that in a poll of 35 market watchers, all participants predicted cuts to both rates, after China’s central bank unexpectedly lowered the medium-term lending facility rate last week.
In other markets
In Taiwan, the Taiex index squeaked ahead 0.18 points to 16,381.49.
In Korea, the Kospi index was up 4.3 points, or 0.2%, to 2,508.80.
In Singapore, the Straits Times Index let go of 19.9 points, or 0.6%, to 3,154.03.
In New Zealand, the NZX 50 dropped 152.5 points, or 1.3%, to 11,458.70.
In Australia, ASX 200 faded 32.59 points, or 0.5%, to 7,115.47.
