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Asian Markets Rise; China Unexpectedly Keeps LPR Unchanged

Stock MarketsMar 19, 2020 11:05PM ET
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© Reuters.

By Alex Ho 

 

Investing.com - Asian markets ended the week with a much needed reprieve from days of heavy losses. 

 

China fixed its 1-year Loan Prime Rate (LPR) on Friday morning at 4.05%, the same as a month earlier. China also set the 5-year LPR at 4.75%, also unchanged from a month earlier.  

 

The hold defied investors’ expectations for a cut which would have been in line with moves by central banks around the world. Central banks have been cutting rates and offering stimulus packages to stave off a recession caused by the COVID-19 pandemic.  

 

China’s Shanghai Composite gained 1.15% by 9:57 PM ET (1:57 AM GMT) while the Shenzhen Component was up by 1.13%. Hong Kong’s Hang Seng Index was up by 3.38%, reversing losses shortly after markets opened.  

 

In Australia, Treasurer Josh Frydenberg hinted during an interview with Sky News Friday morning at a second stimulus package that will be “significantly bigger” than last week’s A$17.6 billion ($10.7 billion) package. On Thursday, the Federal Reserve Bank of Australia cut interest rates to 0.25%. 

 

The ASX 200 rebounded from losses a day earlier and was up 3.25%. 

 

Elsewhere, South Korea’s KOSPI was up 3.16%.  

 

Japan’s Nikkei 225 is closed for a national holiday. 

 

Despite the gains today, investors remain wary that the worst from the COVID-19 novel coronavirus is far from over. Bridgewater founder Ray Dalio warned in an interview with CNBC: “What’s happening has not happened in our lifetime before ... what we have is a crisis.”  

 

He estimated the price tag for U.S. corporations could be up to $4 trillion. 

 

“There will also be individuals who have very big losses. ... There’s a need for the government to spend more money, a lot more money,” Dalio said. 

Asian Markets Rise; China Unexpectedly Keeps LPR Unchanged
 

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David David
David9 Mar 20, 2020 12:34AM ET
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Looks like people underestimated how resilience the chinese market is. China has master the long approach thinking and will keep their economy going strong despite some set backs from the virus. Business is about to be back to normal as 90% of Starbucks or open. iPhone is still on track for phones.
 
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