Asian markets trade flat after Fed cuts rates

Chinese stocks also saw buying as collateral damage in Hong Kong is seeing smart money buy Chinese banks as a proxy to foreign selling in Hong Kong banks.

Sep 19, 2019 02:09 IST India Infoline News Service

Asian markets opened well in the green after the Federal Reserve cut rates and oil prices slipped further. The Japanese Nikkei was trading with gains of over 1% as weaker yen prompted buying in exporters.

Chinese stocks also saw buying as collateral damage in Hong Kong is seeing smart money buy Chinese banks as a proxy to foreign selling in Hong Kong banks.

The yen traded near a seven-week low versus the dollar before the Bank of Japan meeting later on Thursday where policymakers are expected to keep their ultra-easy policy unchanged.

The Fed cut interest rates for a second time this year to 1.75%-2% in a 7-3 vote but signalled further rate cuts are unlikely as the labour market remains strong.

US stocks close with gains as Federal Reserve cuts rates and remains split on way forward. The Central Bank maintains growth guidance but confirms trade tensions can slow growth.

Oil prices fall further while bond yields trade marginally lower.

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