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Seeking Alpha 2025-01-03 06:39:07

Asia-Pacific markets trade mixed tracking fall on Wall Street, PBOC reportedly signals rate cuts

Asia-Pacific markets trade mixed tracking fall on Wall Street, PBOC reportedly signals rate cuts

Asia-Pacific markets trade mixed on Friday after a lackluster start to the year on Wall Street. Market participants also assess the comments from the People’s Bank of China, indicating that it would likely reduce interest rates from the current 1.5% "at an appropriate time" this year. Traders are also closely monitoring geopolitical developments, including the potential impact of Donald Trump’s return to the White House. Japan ( NKY:IND ) market closed. China ( SHCOMP ) fell -1.63% and Shenzhen Component indexes traded near the flat line on Friday, stabilizing after a recent downturn, and the offshore yuan rose to around 7.32 per dollar, rebounding from three sessions of losses following a signal from the People’s Bank of China of a significant shift in its monetary policy approach to stimulate the Chinese economy. The People’s Bank of China announced that it would likely reduce interest rates from the current 1.5% "at an appropriate time" this year , marking a significant shift in its monetary policy approach, the Financial Times reported on Friday, citing comments the bank made to the newspaper. Hong Kong ( HSI ) rose +0.08% India ( SENSEX ) fell -0.45% to 79,333 in morning trade on Friday, halting gains from the previous two sessions. Investors continued to monitor pre-quarterly business updates for clues ahead of the upcoming earnings season. Australia ( AS51 ) rose +0.60% closing at 8,251 and extending its positive momentum from the previous session. The benchmark KOSPI surged nearly 2% on Friday, climbing above 2,440 and recovering from three-week lows as investors brushed off the latest political turmoil in South Korea. The South Korean won strengthened past 1,466 per dollar, marking its second consecutive session of gains. In the U.S., on Thursday, all three major indexes ended in red in a volatile first trading session of the new year, extending the slump from late 2024 into January. U.S. stock futures rose slightly on Friday after the major indexes extended losses in the first trading session of the new year: Dow +0.10% ; S&P 500 +0.21% ; Nasdaq +0.30% . Looking ahead, investors are focused on Friday’s ISM Manufacturing Index and further comments from Federal Reserve officials for additional economic insights. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: People’s Bank of China signals interest rate reduction this year amid policy shift China's manufacturing output slows in December to 50.5, misses expectations Australia's manufacturing downturn deepens in December China's Dec factory activity grows at slower rate for third month, service sector rises most in nine months Japan's December manufacturing PMI fall at slower pace, for sixth straight month BOJ's Dec summary raises expectations of rate hike soon; keeps policy rate steady at 0.25%

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