Mumbai: Most Asian markets ended down today. Hong Kong’s Hang Seng index lost almost two per cent, Japan’s Nikkei 225 index shed one per cent, China’s Shanghai Composite index ended almost 0.8 per cent low, and Singapore’s Strait Times index declined over 0.6 per cent. Conversely, South Korea’s Kospi index rose almost 0.2 per cent.
Major European indices were trading in negative territory in intra-day trade. France’s CAC lost over 0.9 per cent, Germany’s DAX slipped more than 0.6 per cent, and London’s FTSE 100 was trading over 0.3 per cent down, when reports last came in. Meanwhile, the Bank of England decided to keep bank rate at 4.25 per cent amid rising inflation pressures. However, it has hinted at further interest rate cuts, which could come as soon as August. Members of the Monetary Policy Committee (MPC) voted by 6-3 to keep borrowing costs on hold following their reduction announced in May. The MPC, in its statement highlighted that global uncertainty remains elevated. It added energy prices have risen owing to an escalation of the conflict in West Asia.
Earlier, Norway’s central bank has cut interest rates by 25 basis points to 4.25 per cent for the first time since the start of the Covid-19 pandemic. Also, the Swiss National Bank lowered the key interest rate by a further 25 basis points from 0.25 per cent to zero, after noting that nearly flat inflation nosed into negative territory in May compared to February.
