China's Record Mortgage Rate Cut Fails to Lift Asia Markets
Asia-Pacific markets fell as China's central bank cut its five-year loan prime rate, with the CSI 300 dropping 0.25% and Hong Kong's Hang Seng index dipping 0.13%. Australia's S&P/ASX 200 closed marginally lower as Star Entertainment plunged to a record low on news of a possible second inquiry into its Sydney casino. China's state-owned banks intervened to stem the slide in yuan following the rate cut. Meanwhile, oil prices were mixed after a Houthi missile attack prompted crew to abandon a ship, and the Reserve Bank of Australia stated that it will take "some time" for inflation to return to target. Xpeng plans to hire 4,000 people and invest in AI technology amid intense competition in the electric vehicle market.
- Asia markets fall as China's 5-year loan rate cut fails to cheer investors CNBC
- Chinese Banks Cut Mortgage Reference Rate by Most on Record Bloomberg
- China cuts mortgage-linked lending rate by record amount to aid property market Financial Times
- China makes biggest-ever cut to key mortgage rate to bolster housing market CNN
- China slashes mortgage reference rates to revive property market Reuters
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