Global stocks are mixed as the implications of Friday's PBOC rate cut sink in
Stocks in Asia settled mostly higher today, as traders finally had a chance to respond to
Friday's late-breaking interest rate cut from the People's Bank of China (PBOC). However, upside was capped by weakness in some big banks, as the PBOC's decision to lift the ceiling on deposit rates could constrict profit margins. By the close, Japan's Nikkei added 0.7%, China's Shanghai Composite climbed 0.5%, South Korea's Kospi rose 0.4%, and Hong Kong's Hang Seng shed 0.2%.
European markets are also mixed, paring some of their late-week gains as anxiety begins to set in ahead of
this week's policy statement from the U.S. Federal Open Market Committee (FOMC). Frankfurt's main bourse is outperforming its peers at midday, lifted by a stronger-than-forecast Ifo business-climate index. At last look, the German DAX is up 0.2%, London's FTSE 100 has slipped 0.2%, and the French CAC 40 is 0.6% lower.
