Market Updates
Asian Markets Close Down, China Lowered Rates
Arjun Pandit
22 Aug, 2022
Mumbai
Market indexes in Asia generally declined after the return of global rate hike worries and ahead of comments from the U.S. Fed Chair Jerome Powell at a gathering of central bankers this Thursday for three days.
Central bankers are scheduled to meet at the annual economic symposium organized by the U.S. Federal Reserve in Jackson Hole, Wyoming.
Moreover, Bundesbank President Joachim Nagel told German newspaper Rheinischen Post that inflation could reach as high as 10%, a 70-year high, this fall if natural gas supplies from Russia continue to fall.
China's central bank also eased key lending rates to ease pressure on the housing market.
The People's Bank of China lowered its one-year benchmark lending rate by 5 basis points to 3.65% and 5-year rate by 15 basis points to 4.3%.
The move was widely anticipated as the second-largest economy is battling lockdown conditions in the north and central China and also facing severe drought in the south.
The Nikkei 225 index in Tokyo dropped 0.5% but indexes in Hong Kong and Shanghai gained after China cut its lending rates.
The indexes in Korea dropped more than 2% and in India declined 1.5% on global rate hike worries.
The indexes in Australia closed down 0.95% after commodities prices faced headwinds in international trading.
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