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Asian Markets Open High on the last Monday of the year

Published 2019-12-29, 09:54 p/m
© Reuters.
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Investing.com - Asian markets rose on Monday morning after a week in which Hong Kong´s Hang Seng Index closed on Friday at its highest levels from the past five months and the U.S. markets hit record highs during the week in Wall Street.

China’s Shanghai Composite lost 0.08% by 09:01 PM ET (02:01GMT), the Shenzhen Component was down 0.55%.

In a push for growth and in the midst of the trade war between the U.S. and China, for which the signing of a phase I deal between the countries is expected to happen in early January, the Chinese central bank announced during the weekend that the loan prime rate (LPR) will become a new benchmark for current floating-rate loans.

“The purpose of the step is to make interest rates more market-driven and help lower financing costs,” Wen Bin, an economist at Minsheng Bank in Beijing told Reuters.

According to the People´s Bank of China, from January 1, 2020 onwards, it will be prohibited for new floating-rate loan contracts to base their lending rates on the current benchmark, which has been unchanged since the third quarter of 2015 at 4.35%.

LPR´s prime rate for one-year loans stands at 4.15%, marking a difference with the current bank lending rate.

Hong Kong’s Hang Seng Index rose 0.38%.

Japan’s Nikkei 225 traded 0.54% lower after losing ground last Friday due to stocks that traded without the value of the next dividend payment (ex-dividend).

Down under, Australia’s ASX 200 slipped 0.41% during its last full day of trading in 2019, given the fact that it will close early on Tuesday, ahead of New Year´s Eve.

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