{"id":24808,"date":"2023-06-20T03:21:47","date_gmt":"2023-06-20T07:21:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-shares-fall-as-china-cuts-lending-rates-u-s-china-politics-leave-investors-flat\/"},"modified":"2023-06-20T03:21:48","modified_gmt":"2023-06-20T07:21:48","slug":"asian-shares-fall-as-china-cuts-lending-rates-u-s-china-politics-leave-investors-flat","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24808","title":{"rendered":"Asian shares fall as China cuts lending rates, U.S.\/China politics leave investors flat"},"content":{"rendered":"
\n

TOKYO (AP) \u2014 Asian shares mostly declined Tuesday as some investors took a wait-and-see attitude after U.S. markets were closed for a national holiday.<\/p>\n

Some investors were also disappointed after a meeting between Chinese leader Xi Jinping and Secretary of State Antony Blinken yielded no signs of progress from either side on Taiwan, human rights, technology and other issues of contention.<\/p>\n

\n

Japan\u2019s benchmark Nikkei 225
\n NIK,
\n +0.06%<\/bg-quote>
\n shed 0.1% to 33,315.28. Australia\u2019s S&P\/ASX 200
\n XJO,
\n +0.86%<\/bg-quote>
\n added 0.9% to 7,362.90. South Korea\u2019s Kospi
\n 180721,
\n -0.18%<\/bg-quote>
\n lost 0.3% to 2,601.07. Hong Kong\u2019s Hang Seng
\n HSI,
\n -1.57%<\/bg-quote>
\n fell 1.4% to 19,641, while the Shanghai Composite
\n SHCOMP,
\n -0.47%<\/bg-quote>
\n edged down 0.2% to 3,248.53.<\/p>\n

The Chinese government said the meeting between Xi and the top U.S. diplomat produced \u201ccandid and in-depth\u201d talks. Bilateral relations are at their lowest point in decades. Both sides indicated a willingness to cooperate.<\/p>\n

\u201cThere is no doubt China and the U.S.A. need each other, and their relationship to be back on a more secure footing for mutually beneficial commercial reasons, as well as reducing the risk of actual conflict,\u201d Clifford Bennett, chief economist at ACY Securities said in a commentary.<\/p>\n

The Chinese economy is recovering at a slower pace than expected from the disruptions caused by efforts to vanquish COVID-19, leading the central bank to cut its benchmark 1-year loan prime rate on Tuesday by a tenth of a percentage point to 3.55%.<\/p>\n

The 5-year rate was lowered to 4.2% in a move to help ease credit and encourage spending and investment to boost economic activity.<\/p>\n

\u201cRecent easing moves suggest that reopening efforts are losing their shine, setting the groundwork for more policy intervention to follow in the months ahead,\u201d Yeap Jun Rong of IG said in a commentary.<\/p>\n

U.S. markets were closed for the Juneteenth national holiday. Markets are also watching the direction of interest rate hikes.<\/p>\n

Last week, the Federal Reserve held its benchmark lending rate steady, the first time in 10 straight monthly meetings it hasn\u2019t announced an increase. The Fed warned it could raise rates as often as two more times this year.<\/p>\n

In energy markets, benchmark U.S. crude
\n CL.1,
\n -1.04%<\/bg-quote>
\n lost 99 cents to $70.79 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude
\n BRN00,
\n +0.04%<\/bg-quote>,<\/span>
\n the international standard, declined 24 cents to $75.85 a barrel.<\/p>\n

In currency trading, the U.S. dollar edged down to 142 Japanese yen
\n USDJPY,
\n -0.09%<\/bg-quote>
\n from 141.91 yen. The euro cost $1.0922, little changed from $1.0921.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO (AP) \u2014 Asian shares mostly declined Tuesday as some investors took a wait-and-see attitude after U.S. markets were closed for a national holiday. Some investors were also disappointed after a meeting between Chinese leader Xi Jinping and Secretary of State Antony Blinken yielded no signs of progress from either side on Taiwan, human rights, […]<\/p>\n","protected":false},"author":1,"featured_media":24809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-24808","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian shares fall as China cuts lending rates, U.S.\/China politics leave investors flat | iFintechWorld<\/title>\n<meta name=\"description\" content=\"TOKYO (AP) \u2014 Asian shares mostly declined Tuesday as some investors took a wait-and-see attitude after U.S. markets were closed for a national holiday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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