China keeps its key rate unchanged – .

China keeps its key rate unchanged – .

SINGAPORE – Asia-Pacific stocks were mixed on Wednesday morning as China kept its key rate unchanged.
Mainland China stocks were mixed, with the Shanghai composite slipping 0.29% while the Shenzhen component posted fractional gains.

China on Wednesday kept the one-year loan prime rate (LPR) unchanged at 3.85% while the five-year LPR also remained stable at 4.65%. This was in line with the expectations of a majority of traders and analysts in a snapshot Reuters poll that predicted no change in the one-year loan prime rate as well as the five-year LPR.

The Hang Seng Index in Hong Kong rose 0.84%.

Debt-ridden developer China Evergrande Group has put aside plans to sell a controlling stake in its real estate services business, Reuters reported. Shares of Hong Kong-listed Chinese real estate companies fell on Wednesday, with China Vanke falling 1.67% while Country Garden fell 1.53% and Sunac fell 1.23%. The Hang Seng Properties index fell 0.49%.

Japan’s Nikkei 225 climbed 0.6% while the Topix index edged up 0.55%. South Korean Kospi lost 0.13%.

Australian stocks edged up, with the S & P / ASX 200 gaining 0.9%.

The largest MSCI index of Asia-Pacific equities excluding Japan traded up 0.64%.

The International Monetary Fund cut its 2021 economic growth forecast for Asia on Tuesday, now expecting the region to grow 6.5% this year. This compares to the IMF’s April forecast for a 7.6% expansion.

Overnight in the United States, the S&P 500 rose 0.74% to 4,519.63 while the Dow Jones Industrial Average gained 198.70 points to 35,457.31. The Nasdaq Composite rose 0.71% to 15,129.09.

Currencies and oil

The US dollar index, which tracks the greenback against a basket of its peers, was at 93.727 after a recent rebound below 93.6.
The Japanese yen was trading at 114.47 per dollar, lower than the levels below 114 seen against the greenback yesterday. The Australian dollar changed hands at $ 0.7484 after yesterday’s rise of less than $ 0.745.

Oil prices were down on the morning of Asian trading hours, with international benchmark Brent crude futures slipping 0.38% to $ 84.76 a barrel. US crude futures fell 0.31% to $ 82.70 a barrel.


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