Asian markets ended the week paring losses after after China’s latest measure to bolster its economy injected a note of optimism at the end of another volatile week for global markets.
Shares in Mainland China, Hong Kong, Japan, Thailand and South Korea closed over 1% each. The MSCI Asian Index ex Japan dropped by 1.86%.
Treasury yields edged higher, and the dollar was steady after its biggest one-day drop since 2020.
“The risk-on trading mood has registered a solid rebound during the last couple of hours as traders cheered the significantly dovish monetary decision from China,” said Pierre Veyret, an analyst at ActivTrades.
“This move significantly contrasts with the lingering inflation and recession risks in Western economies, where an increasing number of market operators and analysts are questioning the policies of central banks.”
Crude oil climbed with the WTI trading around $112 a barrel and the Brent trading around $112 a barrel.
