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Stock Market

20 Jan 2022

Asian Shares Soar as China Slashes Fundamental Mortgage Rate

Asian Shares Soar as China Slashes Fundamental Mortgage Rate

The Index Today

Asian shares rose on Thursday following a five-day slump after China slashed its prominent mortgage rates. While the rest of the world focuses on tightening monetary policy, China has set itself on a different path by cutting its mortgage rates for the first time in two years. Hong Kong’s Hang Seng Index soared by over 1.4% while China’s CSI300 index surged by 0.7% on Thursday morning. The Chinese share surge has propelled MSCI’s broadest index outside Japan to rise by 0.54%.

Japan’s Nikkei inched up by 0.17% while Kospi in Seoul rose by 0.1%.

However, ING analysts contend that rising geopolitical tensions between Russia and Ukraine can continue to spell a doom for global shares, as would the upcoming Fed-sanctioned interest rate hikes. "Markets may soon start to take into account a greater risk of a conflict flare-up between Russia and Ukraine, which is one reason why stocks may continue to sell and why Treasury yields aren't on a one-way ticket higher," they added.

Tech stocks have been negatively impacted as a result of a possible ahead-of-schedule implementation of interest rate hikes, with Nasdaq dropping by over 1%.