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| China stock markets rally after surprise rate cut | |
| (35 minutes later) | |
| China markets are rallying after the mainland's central bank unexpectedly cut a key lending rate on Wednesday. | |
| The People's Bank of China lower the required reserve ratio (RRR) for banks by 50 basis points in an attempt to stimulate the slowing economy. | The People's Bank of China lower the required reserve ratio (RRR) for banks by 50 basis points in an attempt to stimulate the slowing economy. |
| The Shanghai Composite surged 2.4% and Hong Kong's Hang Seng jumped 1.5%. | |
| The rest of Asia is mostly down, however, after the European Central Bank moved to tighten Greece's access to funding. | The rest of Asia is mostly down, however, after the European Central Bank moved to tighten Greece's access to funding. |
| Japan's Nikkei 225 fell 0.6% and the broader Topix lost 0.4% in early trade. | Japan's Nikkei 225 fell 0.6% and the broader Topix lost 0.4% in early trade. |
| South Korea and Australian stocks are also in negative territory. | South Korea and Australian stocks are also in negative territory. |
| Analysts said the ECB is taking a hard-line stance and putting pressure on Greece to decide on a funding program. | Analysts said the ECB is taking a hard-line stance and putting pressure on Greece to decide on a funding program. |
| "Overall, we retain the view that an agreement between the Greek government and the EU remains possible, but the probability of a Greek exit is clearly now higher than at any time in 2012," Barclays Research wrote in a report. | "Overall, we retain the view that an agreement between the Greek government and the EU remains possible, but the probability of a Greek exit is clearly now higher than at any time in 2012," Barclays Research wrote in a report. |
| "The rise of radical parties in Europe, such as Podemos in Spain, leaves not much room to EU policymakers to be lenient on Greece's requests." | "The rise of radical parties in Europe, such as Podemos in Spain, leaves not much room to EU policymakers to be lenient on Greece's requests." |
| Investors will also be watching for more earnings reports out of Japan this week. | Investors will also be watching for more earnings reports out of Japan this week. |
| One of the biggest stock movers on Thursday was Japanese technology giant Sony. Its shares surged by nearly 10% after the firm narrowed its full-year loss forecast. | One of the biggest stock movers on Thursday was Japanese technology giant Sony. Its shares surged by nearly 10% after the firm narrowed its full-year loss forecast. |