Seeking Alpha 2025-03-20 06:47:33

Asia markets mixed after Fed hold; China holds LPR rate steady for 5th month

Asia-Pacific markets mixed on Thursday, tracking an upbeat session on Wall Street overnight after the Fed kept interest rates steady while signaling two more rate cuts for 2025 but lowered GDP forecasts and raised inflation projections. Investors also digested the latest monetary policy decision from the People’s Bank of China. Bitcoin ( BTC-USD ) traded around $86,000 on Thursday, hitting its highest levels in nearly two weeks during the session, as optimism grew ahead of US President Donald Trump’s speech at Blockwork’s Digital Asset Summit later today. Meanwhile, tensions in the Middle East escalated as Israel launched “targeted ground activities” in Gaza, retaking part of a key area after an airstrike ended a two-month ceasefire with Hamas. Japan ( NKY:IND ) market closed. The Japanese yen appreciated past 148.5 per dollar on Thursday, rising for the second straight session China ( SHCOMP ) fell 0.46% to 3,420, while the Shenzhen Component dropped 0.3% to 10,940 on Thursday, extending losses from the previous session as the People’s Bank of China left key lending rates unchanged, in line with expectations , and the offshore yuan edged lower to around 7.23 per dollar. China's youth unemployment rate climbed to 16.9% in February 2025, up from 16.1% in the previous month, according to data from the National Bureau of Statistics released on Thursday. Hong Kong ( HSI ) fell 1.87% to 24,535 in Thursday morning deals, ending gains from the prior two sessions amid widespread sector declines. The Hong Kong Monetary Authority (HKMA) maintained its base rate unchanged at 4.75% on March 20, hours after the US Fed held steady its borrowing costs, as widely expected, following the second FOMC meeting of the year. India ( SENSEX ) rose 0.62% to 75,770 in early deals on Thursday, mainly boosted by gains from the media, tech sectors, and auto. Australia ( AS51 ) rose 1.16% to close at 7,919 on Thursday, rebounding from the previous session’s losses. The Australian dollar fell below $0.635 on Thursday, marking its third straight decline, as traders reassessed the Reserve Bank of Australia’s monetary policy outlook following weaker-than-expected jobs data . In the U.S., on Wednesday, all three major indexes ended higher following the Federal Reserve's decision to keep rates steady, as anticipated, while signaling two more rate cuts later this year. U.S. stock futures climbed on Thursday after the Federal Reserve reaffirmed its outlook for two interest rate cuts this year: Dow +0.32% ; S&P 500 +0.43% ; Nasdaq +0.55% . Investors now await weekly jobless claims data for further labor market insights. Earnings reports from Nike, FedEx, Micron Technology, and Darden Restaurants are also on the radar. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: People’s Bank of China keeps lending rates unchanged, in line with expectations Australia's Feb unemployment rate remains unchanged at 4.1%, aligning with expectations Japan’s trade balance swung to surplus in February, driven by strong exports Bank of Japan keeps interest rates unchanged at 0.5%, as widely expected China’s retail sales accelerate 4.0% Y/Y; industrial output grow 5.9% y/y exceeds forecasts; unveils special action plan

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