Asia-Pacific Markets Mixed as China Signals Private Sector Support
Asia-Pacific markets traded with mixed results on Tuesday following remarks from Chinese President Xi Jinping, who reaffirmed his support for the country’s private sector and encouraged businesses to “show their talents.”
Market Performance
Australia 🇦🇺
S&P/ASX 200 declined 0.66% to 8,481 after the Reserve Bank of Australia (RBA) announced a 25 basis point rate cut, bringing the cash rate down to 4.1%.
This marks the RBA’s first rate cut in over four years, aligning with market expectations.
Kerry Craig, Global Market Strategist at J.P. Morgan Asset Management, described the move as an "insurance" cut, consistent with global central bank trends.
The Australian dollar edged down 0.02% to 0.6354, while 10-year government bond yields declined to 4.45%, reflecting the market’s anticipation of further easing.
Japan 🇯🇵
Nikkei 225 advanced 0.25% to 39,270.40.
The Topix index gained 0.31%, closing at 2,775.51.
South Korea 🇰🇷
Kospi rose 0.63% to 2,626.81.
Small-cap Kosdaq climbed 0.67% to 773.65.
China 🇨🇳 & Hong Kong 🇭🇰
Mainland China’s CSI 300 Index fell 0.88% to 3,912.78, with investor sentiment cautious despite Xi’s remarks.
Hong Kong’s Hang Seng Index rebounded 1.59% to 22,976.86, while the Hang Seng Tech Index surged 2.54% to 5,639, reversing prior session losses following Xi’s closed-door symposium with private sector leaders.
India 🇮🇳
Indian markets remained under pressure, with the Nifty 50 down 0.28% and the BSE Sensex falling 0.21% as of 1 p.m. local time.
Singapore 🇸🇬
Singapore’s first budget under Prime Minister Lawrence Wong is currently being presented in parliament, with markets watching for key economic measures.
Market Outlook
With central banks globally shifting toward more accommodative monetary policy, investors are closely monitoring economic data and corporate earnings for further market direction. The RBA’s rate cut highlights the delicate balance policymakers face in navigating inflationary pressures while supporting economic growth.
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