Chinese President Xi Jinping signaled support for the private sector and urged businesses to “show their talents” in a meeting with top executives. The comments had mixed effects on Asia-Pacific markets, with some indices rising while others fell.
In Australia, the S&P/ASX 200 ended the day down 0.66% at 8,481, as the Reserve Bank of Australia cut rates by 25 basis points to 4.1%. This is the RBA’s first rate cut in over four years and was seen as a “more like an insurance” move by global market strategist Kerry Craig.
Japan’s Nikkei 225 rose 0.25% to 39,270.40, while South Korea’s Kospi gained 0.63%. Mainland China’s CSI 300 Index fell 0.88%, and Hong Kong’s Hang Seng index rose 1.59%.
Indian markets remained negative, with the Nifty 50 trading down 0.28% and the BSE Sensex index down 0.21%. Singapore’s first budget is currently being tabled in parliament.
In corporate news, Toshiba-backed Kioxia Holdings surged over 21%, while Mitsubishi Motors rose 8.6% on news that Honda was open to rekindling a deal with Nissan.
Australia’s central bank cut rates for the first time in over four years, and shares in Japan’s Mitsubishi Heavy Industries surged after it launched a new vessel for the Japanese navy.
Source: https://www.cnbc.com/2025/02/18/asia-markets-live-updates-asia-markets-set-to-rise-rba-expected-to-cut-rates.html