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China stock markets rally after surprise rate cut | China stock markets rally after surprise rate cut |
(about 4 hours later) | |
China markets are rallying after the mainland's central bank unexpectedly cut a key lending rate on Wednesday. | China markets are rallying after the mainland's central bank unexpectedly cut a key lending rate on Wednesday. |
The People's Bank of China lowered 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 Shanghai Composite surged 2.4% and Hong Kong's Hang Seng jumped 1.5%. |
Other Asian markets are 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 was taking a hard-line stance and putting pressure on Greece to decide on a funding programme. | |
"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." |
Stock Movers | |
Japanese technology giant Sony saw its shares surge by as much as 18% in Tokyo after the firm narrowed its full-year loss forecast. | |
Australia's fourth-biggest bank also got a lift from a positive earnings report, rising by 1.4% in Sydney. | |
National Australia Bank said its quarterly cash profit rose 6% to $1.3bn on increased mortgage lending. | |
Shares of Taiwan's TransAsia Airways fell for a second day after the company suffered its second fatal crash in under a year. | |
Flight 235 crashed shortly after takeoff from a Taipei airport on Wednesday, killing at least 31 people and injuring more than a dozen others. | |
TransAsia stock fell nearly 5% in Taipei after having lost 6.9% yesterday. |