Asia-Pacific markets rose on Monday as investors analyzed the decision by China’s central bank to keep lending rates steady.
The People’s Bank of China kept its one-year and five-year lending rates unchanged at 3% and 3.5%, respectively, for the seventh consecutive meeting, according to a Reuters survey. The one-year interest rate affects most new and outstanding loans, while the five-year benchmark rate affects mortgages.
Hong Kong’s Hang Seng rose 0.55%, while the mainland’s CSI 300 advanced 0.55%.
Australia’s S&P/ASX 200 rose 0.54% in early trade.
Japan’s Nikkei 225 rose 1.58%, while the Topix was higher by 0.86%. Japan’s central bank raised its benchmark interest rate by 25 basis points to 0.75% – the highest level in three decades – last Friday.
South Korea’s Kospi jumped 1.83%, while small-cap Kosdaq rose 0.99%, SEEbiz reports.
U.S. futures were up slightly in early Asian hours on Monday, ahead of a shortened holiday week.
U.S. stocks rose for a second day in a row last Friday, boosted by Oracle, while AI trading bounced back from volatility.
Oracle shares rose 6.6% after TikTok agreed to sell its US operations to a new joint venture involving the software giant and private equity investor Silver Lake.
