- Most Asian equities rallied, shrugging off a drop in US stocks, as traders assessed the latest cut in Chinese borrowing costs.
- Japan's, China's, and Hong Kong's shares all gained. US futures remained steady as the S&P 500 bounced between gains and losses before closing down 1%. The Nasdaq Composite is in correction territory, down more than 10% from its November peak, due to a continuous shift away from technology stocks.
- Chinese lenders slashed borrowing costs again after the central bank cut policy loan rates and announced additional easing for an economy grappling with a housing slump and partial shutdowns to curb the flow of Covid. The yuan fixing has reached its highest level since May 2018.
- Treasury rates fell but remained higher for the week, owing to fears about rising inflation and the potential of interest-rate rises by the Federal Reserve. The dollar index plummeted, crude oil declined, and gold was near a two-month high. Australia's currency rose in response to a drop in unemployment.
