Asian markets fluctuate as traders digest China rate cut [Video]

Asian markets swung Monday as traders weigh Chinese central bank interest rate cuts aimed at reigniting the world’s number two economy, while gold hit a record high on geopolitical concerns.

Another record day on Wall Street on Friday was unable to inspire a similar rally at the start of the week, with traders also gearing up for the latest company earnings season.

The People’s Bank of China said it had slashed two key rates to all-time lows as part of a drive by authorities to revive spending and achieve their five percent annual economic growth target.

The move comes after figures last week showed the economy expanded at its slowest quarterly pace since the start of 2023, but still better than forecast.

Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said: “The monetary policy has clearly shifted to a more supportive stance since the press conference on September …