Stocks bounce despite China rate cut failing to ease worriesFed boss Jerome Powell's speech at Jackson Hole will be closely followed by investors. LONDON: European and US stocks rebounded on Monday but Asian markets ended mixed after a Chinese rate cut failed to reassure investors worried about the outlook for the world's number two economy. In afternoon trading, Paris stocks climbed 0.7%, Frankfurt rose 0.4% and London added less than one tenth of a%. "From recent commentaries, it appears that central bankers will keep the flexibility to hike rates further, while clearly avoiding committing to cut rates soon," said Redmond Wong at Saxo. The decision to lower the one-year loan prime rate (LPR), which serves as a benchmark for corporate loans, comes after a reduction in June and leaves it at a historic low.

Source: Bangkok Post August 21, 2023 19:09 UTC