Market Commentary - Foreign Markets
Chinese markets edge lower after policy rate As on : 20-Aug-24  16:07

Asian stocks turned in a mixed performance on Tuesday despite dovish Fed expectations and signs of easing Middle East tensions.

The dollar index was on the defensive as investors awaited minutes of the Federal Reserve's July policy meeting and a speech from Chair Jerome Powell at Jackson Hole for additional clues on the possibility of a rate cut in the September policy meeting.

Gold and oil prices dipped in Asian trading as Israel's demand for control over Gaza's Philadelphia and Netzarim corridors threatened cease-fire talks with Hamas.

China's Shanghai Composite index fell 0.93 percent to 2,866.66 after the People's Bank of China left its benchmark lending rates unchanged as expected. Hong Kong's Hang Seng index dipped 0.33 percent to 17,511.08.

China's central bank left its benchmark lending rates unchanged on Tuesday after cutting the rates unexpectedly by 10 basis points last month.

The People's Bank of China kept its one-year loan prime rate unchanged at 3.35 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was retained at 3.85 percent.

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