Stock market today: Asian shares fall after Wall St ends worst week; Biden withdraw from 2024 race
Monday, 22 July 2024 ()
Asian stocks were mostly lower Monday after President Joe Biden exited the 2024 race. The downbeat start to the week followed losses Friday on Wall Street as businesses around the world scrambled to contain disruptions from a massive technology outage.
U.S. futures were little changed and oil prices rose.
Biden announced his withdrawal from the 2024 presidential race on Sunday and endorsed Vice President Kamala Harris to take on former President Donald Trump, adding to uncertainties over the future of the world's largest economy.
Japan’s benchmark Nikkei 225 slipped 1.3% in morning trading to 39,556.85.
The Hang Seng in Hong Kong added 0.8% to 17,548.33 and the Shanghai Composite index dropped 0.7% to 2,961.41 after China's central bank unexpectedly lowered its one-year benchmark loan prime rate, or LPR, which is the standard reference for most business loans, to 3.35% from 3.45%.
The People's Bank of China cut the five-year loan prime rate, a benchmark for mortgages, to 3.85% from 3.95%, aiming to boost slowing growth and break out of a prolonged property slump.
This came after the government recently reported the economy expanded at a slower-than-forecast 4.7% annual pace in the second quarter.
“Chinese commercial banks’ net interest margins are already at a record lows and non-performing loans have been growing rapidly; rate cuts will likely add to the pressure on Chinese banks.,” Lynn Song of ING Economics said in a commentary.
Elsewhere in Asia, Australia’s S&P/ASX 200 dipped 0.6% to 7,924.40. South Korea’s Kospi lost 1.4% to 2,756.62.
On Friday, the S&P 500 fell 0.7% and ended at 5,505.00, closing its first losing week in the last three and its worst since April. The Dow Jones Industrial Average dropped 0.9% to 40,287.53, while the Nasdaq composite sank...
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