Asian stock markets were mixed amid a China rate cut as investors looked ahead to this week's Fed Jackson Hole meeting.
BEIJING — Asian stock markets were mixed Monday after China cut an interest rate that affects mortgage lending while investors looked ahead to this week’s Federal Reserve conference for signals about more possible U.S. rate hikes to cool surging inflation.
Shanghai advanced after the Chinese central bank nudged down its target rate for a five-year loan to shore up weak housing sales. Tokyo and Hong Kong declined. Oil prices rose nearly $1 per barrel. “The Fed is still feeling inflation. Its actions have not even begun to dent inflationary pressures at all,” said Clifford Bennett of ACY Securities in a report. “Nor have they begun to crimp economic activity at all. The economic slowdown was already in play for other reasons.”
Technology stocks had some of the biggest losses. Microsoft MSFT fell 1.4%. Retailers, banks and communications companies also fell. The move “reflects the seriousness” of the real estate slump and shows Beijing is “willing to take more forceful actions,” said David Chao of Invesco in a report.
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