Asian share prices inched higher on Friday as economic stimulus around the world...
TOKYO - Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend’s attacks on Saudi Arabia’s oil facilities still pose supply risks.
Japan’s Nikkei rose 0.46% to come within striking distance of its year-to-date peak and U.S. and European shares also stood near their best levels this year. China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-U.S. trade war.
“There are hopes of an interim or partial trade deal between China as U.S. President Trump will need to shore up the economy next year before the election,” he added. The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of week, helping to bring down interest rates in the U.S. repo market, a key funding market.
The Brazilian real fell 1.4% on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months.
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