Asian stock markets rose Friday after Wall Street fell closer to bear territory, China cut a key interest rate and Japanese inflation edged higher.
Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices fell more than $1 per barrel.Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices fell more than $1 per barrel.
The Shanghai Composite Index SHCOMP rose 1.1% to 3,133.77 after the Chinese central bank reduced its rate on a five-year loan in a move that would shore up weak housing sales by cutting mortgage costs. The one-year loan rate that affects commercial borrowers was left unchanged. Core inflation, which excludes fresh food and energy, rose to 2.1% from 1.5%, the highest level since 2015, allowing for tax hikes. But the central bank is unlikely to alter its low interest rate policies given the weakness of the economy, which contracted in the last quarter, economists said.
Investors are watching the Federal Reserve for hints of further interest rate hikes to cool inflation that is running at a four-decade high. Fed Chair Jerome Powell said this week the U.S. central bank might take more aggressive action if price pressures fail to ease.
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