Major US indices were subdued to end last Friday, but nevertheless, it reflected an attempt to stabilise following three straight days of heavy losses.
-0.26% and KOSPI +0.66% at the time of writing. Chinese equities continue to see some shunning, with the Nasdaq Golden Dragon China Index down 3.5% last Friday despite the more subdued showing in Wall Street. The Hang Seng Index has now registered a new year-to-date low, as risks in the property sector have not been met with a compelling response from authorities thus far.
Following the surprise 15 basis-point cut to its one-year medium-term lending facility rate last week, broad expectations for a similar cut to both one-year and five-year loan prime rate today were met with disappointment. The one-year loan prime rate today was cut by 10 bp cut to 3.45%, while the five-year loan prime rate, which influences the pricing of home mortgages, was surprisingly kept unchanged.
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