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| China stocks end lower after rate cut rally | |
| (about 2 hours later) | |
| Chinese markets reversed gains to close lower, after rallying on the central bank's unexpected move to 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 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 ended down 1.2% at 3,136.53 after surging over 2% earlier in the day. | |
| Hong Kong's Hang Seng index closed up 0.4% to 24,765.49 after jumping 1.5%. | |
| Other Asian markets also headed lower after the European Central Bank moved to tighten Greece's access to funding. | |
| Japan's Nikkei 225 fell 1% to 17,504.62, while South Korea's benchmark Kospi ended down 0.5% to 1,952.84. | |
| Analysts said the ECB was taking a hard-line stance and putting pressure on Greece to decide on a funding programme. | 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." |
| Australian stocks, however, bucked the downtrend and closed up for the eleventh consecutive session. | |
| The S&P/ASX 200 index was up 0.6% at 5,811.0 after hitting 5,819.1 - the highest since May 2008. | |
| The benchmark index has risen 9.5% in 11 sessions - a feat that has not happened in over five years. | |
| Stock Movers | Stock Movers |
| Japanese technology giant Sony saw its shares surge by as much as 18% before closing up 12% 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 1.3% in Sydney. | |
| National Australia Bank said its quarterly cash profit rose 6% to $1.3bn on increased mortgage lending. | 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. | 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. | 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 3.3% in Taipei after having lost 6.9% yesterday. |