Stock market today: Asian shares trade mixed after Wall Street was closed for a holiday
ABC News
Asian shares are trading mixed on the second day Chinese markets are open after the Lunar New Year break
TOKYO -- Asian shares were trading mixed Tuesday on the second day Chinese markets were open after the Lunar New Year break.
Wall Street trading was closed Monday in the United States for President's Day. Investors were generally turning less optimistic because of expectations that higher interest rates would likely kick in soon.
China’s central bank kept its 1-year loan prime rate unchanged on Tuesday but cut its 5-year rate by 25 basis points to 3.95%. That came as a surprise, the first time the five-year rate was cut since May 2023.
“The cut to the five-year LPR is likely aimed at supporting the recovery of the property market, and could improve affordability for buyers by lowering the mortgage rates,” said Lynn Song, chief economist at ING.
Benchmarks rose in China, but slipped in Tokyo, Sydney and Seoul. Oil prices rose.
