Asia-Pacific markets saw mixed results on Thursday after the U.S. Federal Reserve and China’s central bank opted to maintain their benchmark interest rates.
Australia’s S&P/ASX 200 rose 1.02%, while South Korea’s Kospi gained 0.28%, and the Kosdaq increased by 0.55%. However, Hong Kong’s Hang Seng Index fell 1.36%, and mainland China’s CSI 300 dropped 0.17% as Beijing balanced economic growth and currency stability.
China kept its one-year loan prime rate at 3.1% and the 10-year LPR at 3.6%, while the U.S. Federal Reserve held rates at 4.25% to 4.5%, signaling potential cuts later in the year. Fed Chair Jerome Powell reassured markets that a severe recession is unlikely.
U.S. stock futures remained flat after the S&P 500, Dow Jones, and Nasdaq Composite all posted gains, with the S&P 500 recovering from recent losses.
