Asian Stocks Climb After Wall Street Ends With Mixed Results

Asian stocks mostly rose on Monday, buoyed by key rate decisions last week from the US Federal Reserve, Japan, China, and Britain, according to Zimo Zhong’s report for the Associated Press (AP).

Chinese stocks saw gains after the People’s Bank of China lowered its 14-day reverse repurchase rate to 1.85% from 1.95% on Monday. I Photo: Stang_wm Wikimedia Commons

Chinese stocks saw gains after the People’s Bank of China lowered its 14-day reverse repurchase rate to 1.85% from 1.95% on Monday, following a decision to keep key lending rates unchanged last week. Markets had been anticipating this rate cut.

The Hang Seng in Hong Kong inched up 0.1% to 18,281.74, while the Shanghai Composite Index gained 0.5%, closing at 2,748.99. Japanese markets were closed on Monday for a public holiday.

Elsewhere in Asia, Australia’s S&P/ASX 200 fell 0.7% to 8,152.90 as the Reserve Bank of Australia commenced its two-day policy meeting. Meanwhile, South Korea’s Kospi added 0.3%, closing at 2,602.02.

On Friday, Wall Street ended with mixed results: the S&P 500 slipped 0.2% from its record, closing at 5,702.55, while the Nasdaq Composite fell 0.4% to 17,948.32. In contrast, the Dow Jones Industrial Average added 0.1%, setting a new record high at 42,063.36.