China’s loan prime rates are expected to be cut by 20 basis points, matching the cut made to the 7-day reverse repurchase rate in September.
Asia-Pacific markets were mixed Monday as traders assessed China's loan prime rate announcement, with focus also on Japan's general election at the end of this week.ING in a note last week also said that the PBOC was likely to release its rate decision for the medium term lending facility on Friday, although it is expected to be left unchanged at 2% after being reduced by 30 basis points last month.
"Data aside, it is worth monitoring if there are potential further government ministry briefings or a potential announcement of the timing for the National People's Congress meeting in the week ahead, as stimulus rollout remains a major theme for markets," ING said.Other key economic data this week will include October inflation figures for Japan's capital city of Tokyo, as well as advance third-quarter GDP figures from South Korea.The broad market benchmark advanced 0.
The one-year LPR affects corporate and most household loans in China, while the five-year LPR acts as a benchmark for mortgage rates.The S&P 500 and Dow Jones Industrial Average rallied to new records to close Friday's session. The broader market benchmark rose 0.40% to settle at 5864.67, while the 30-stock index added 36.86 points, or 0.09%, and closed at 43,275.91. The Nasdaq Composite gained 0.63% and finished at 18,489.55.The strength in the U.S. economy is not surprising, according to hedge fund billionaire John Paulson., pointed to the 14% increase in federal spending compared to last year's period. The national deficit currently sits at nearly $2 trillion.
"The increase in government spending is basically accounting for all the GDP growth that we have this year," he continued."It's an easy way to get growth in the short term, but it has long-term consequences."rose to a fresh intraday all-time high of $2,732.30 on Friday. Week to date, gold futures are up 1.8%, on pace for the fifth positive week in six.For the week, the Gold Miners exchange-traded fund is up more than 5%, putting it on track for its best week since Sept.
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