BANGKOK — Asian shares were mixed on Monday after U.S. stocks rose to records to close out their latest winning week.
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BANGKOK — Asian shares were mixed on Monday after U.S. stocks rose to records to close out their latest winning week. U.S. futures also were mixed and oil prices climbed.
Hong Kong’s Hang Seng sank 1.5% to 20,869.39, while the Shanghai Composite gained 0.2% to 3,268.11. The A-share index of the smaller market in Shenzhen picked up 1.6%.
China cut its one-year and five-year Loan Prime Rates, which are reference rates for lending. Lower rates can help reduce pressure on borrowers, particulary property developers that have suffered following a crackdown on excessive borrowing several years ago. But any impact on market sentiment appeared to be short-lived.
Given that the main constrain is weak demand, the “heavy lifting” will have to come from government spending, Zichun Huang of Capital Economics said in a report. China’s Finance Ministry has pledged to ramp up such outlays in…