This is CNBC’s live blog covering Asia-Pacific markets.
Asia-Pacific markets traded mixed Monday as China’s central bank held rates at a time when the yuan has come under pressure due to Beijing-Washington trade tensions.
Mainland China’s CSI 300 rose 0.33% after the People’s Bank of China kept its key loan prime rates unchanged at 3.10% for 1-year loan maturities and 3.60% for 5-year loan maturities, in line with the expectations of economists polled by Reuters.
Japan’s benchmark Nikkei 225 fell 0.99%, while the broader Topix index declined 0.98%.
In South Korea, the Kospi index moved up 0.17% while the small-cap Kosdaq added 0.15% in choppy trade.
Australian and Hong Kong markets were closed for the Easter holiday.
Investors are focused on U.S. President Donald Trump’s trade policies, as they continue to roil global markets.
Last week, Trump called for the U.S. Federal Reserve to cut interest rates while adding that the termination of Fed Chair Jerome Powell “cannot come fast enough.” Trump’s comments came after Powell cautioned that ongoing trade tensions could challenge the central bank’s goals of controlling inflation and spurring growth.
U.S. futures fell after all three major benchmarks logged their third weekly decline, in the last four trading weeks.
The broad-based S&P 500 ended Thursday’s session higher, but still finished the holiday-shortened week 1.5% lower.
Meanwhile, the Dow Jones Industrial Average and Nasdaq Composite posted their third consecutive losing session, each declining over 2% in the four-day trading week.
— CNBC’s Sean Conlon contributed to this report.
Japanese stocks fall over 1%
Japanese stocks fell over 1% Monday, reversing course from two-straight sessions of gains.
The benchmark Nikkei 225 was down 1.04% as at 10.52 a.m. local time. The index is down 12.94% since the start of the year.
The worst-performing stocks in the index were Sumitomo Pharma which plunged 9.18%, Suzuki Motor which dropped 3.89% and Mazda Motor which was down 3.62%, according to LSEG data.
Meanwhile, the Topix index was down 1.05%. The broad based index has dropped 8.96% since the start of the year.
— Amala Balakrishner
China keeps key lending rates steady in bid to shore up yuan as Trump tariffs pressure currency
China expectedly kept its loan prime rates unchanged Monday, with the 1-year LPR at 3.1% and the 5-year at 3.6% as the central bank appears focused on stabilizing the yuan amid trade tensions with the U.S.
The decision from the People’s Bank of China comes as China reported better-than-expected economic data this month, with first-quarter GDP growing at 5.4% year on year.
The 1-year LPR influences corporate and most household loans in China, while the 5-year LPR serves as a benchmark for mortgage rates. The PBOC has kept the LPRs steady since October last year.
Read the full story, here.
— Lim Hui Jie
Japanese and South Korean auto stocks fall in early trade
Japanese and South Korean auto stocks fell in early trade Monday, reversing course from gains in the previous week after U.S. President Donald Trump’s comments on “help[ing] some of the car companies.”
Suzuki Motor led losses in Japanese automakers, plunging 4.19% as at 8.59 a.m. Singapore time.
Other stocks that logged steep increases include Mazda Motor which retreated 3.03%, Toyota Motor which fell 2.30% and Nissan Motor which dropped 1.99%.
Over in South Korea, Kia Corp moved up 0.34% while Hyundai Motor lost 0.11%.
— Amala Balakrishner
Spot gold rises above $3,300 as investors scoop up bullion in market rally
Spot gold continued to rise past the $3,300 threshold Monday as investors sought relief in the safe-haven bullion amid Beijing-Washington trade tensions.
The precious metal hit a record high of $3,368.92 per ounce as at 8.44 a.m. Singapore time.
— Amala Balakrishner
Japanese yen strengthens to 7-month high against the greenback
The Japanese yen appreciated 0.70% against the U.S. dollar to hit a seven-month high of 141.16 as of 9:00 a.m. Singapore time on Monday.
Elsewhere in Asia-Pacific, the Korean won strengthened 0.31% to 1,421.20 against the U.S. dollar.
Meanwhile, the Australian dollar appreciated by 0.36% against the U.S. dollar to 0.6398, while the offshore Chinese yuan strengthened marginally by 0.1% against the greenback to 7.2953.
Southeast Asian currencies also strengthened against the greenback. The Singapore dollar was last seen 0.4% stronger than the U.S. dollar at 1.305, while the Malaysian ringgit had appreciated 0.45% against the dollar to 4.39.
— Amala Balakrishner
