Asian markets mixed as China rolls out new benchmark lending rate
Asian markets were mixed in quiet trading early Tuesday, after China’s central bank announced its new benchmark lending rate. The People’s Bank of China set the one-year Loan Prime Rate at 4.25%, down from 4.31% previously, according to the Wall Street Journal. The PBoC announced the new benchmark mechanism over the weekend, which essentially serves the function of a rate cut. THE MARKET BOOSTER
Trump plays down fears of US recession
Donald Trump has tried to reassure markets about the risk of the US falling into a recession by saying the economy is doing “tremendously well”. The US president said he did not see a recession – usually defined as when an economy shrinks for two consecutive quarters. White House economic adviser Larry Kudlow also said there was “no recession in sight”. Last week, financial markets indicated a recession could be on the way. This is because it became cheaper for the US government to borrow for 10 years, rather than two. US RECESSION WILL AFFECT PHILIPPINE STOCK EXCHANGE
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