Major stock markets in the Asia-Pacific region were mixed in the afternoon trading on Monday after the People's Bank of China announced it will lower the 1-year and 5-year lending rates.
The market uncertainty was seemingly prompted by the prospects of future interest rate hikes by the Federal Reserve, driving fears of inflation and an economic downturn, as investors awaited Federal Reserve Chair Jerome Powell's address this week.
In mainland China, the Shanghai Composite edged up by 0.40% at 7:07 am CET and the Shenzhen Composite gained 0.77% at 7:17 am CET. At the same time, the Nikkei 225 fell by 0.46%, while Hong Kong's Hang Seng was flat. South Korea's Kospi plunged by 1.18% and the Australian S&P/ASX 200 dipped by 0.90% at 7:19 am.
The American dollar was 0.18% higher against the Japanese yen, to change hands to ¥137.17200 at 7:21 am CET.
