Gallo Images | Brand X Images | Getty Images
The People’s Bank of China is reportedly planning to cut interest rates “at an appropriate time” this year. The Financial Times reported. Referring to the central bank’s comments. Country’s 7-day reverse repo rate Currently set at 1.5%.
In addition, China’s Ministry of Commerce plans to impose export restrictions on certain technologies used to make battery components and process key minerals such as lithium and gallium. Notice issued on Thursday.
Investors in Asia will continue to monitor political uncertainty in South Korea as the country’s anti-corruption watchdog seeks to execute an arrest warrant for impeached President Yoon Seok-yul. According to local media Yonhap News. Yun’s attempted short-term martial law on December 3 has caused political upheaval in the country.
The three major U.S. indexes ended the first trading session of the new year lower, extending weakness into late 2024, signaling that markets may not see a “Santa Claus rally” this year.
Investors had hope. “Santa Claus Rally” which covers the last five trading days of a year and the first two trading days of the following January. Over that long period, the S&P 500 has gained an average of 1.3% while going higher about 80% of the time, with Dow Jones market data going back to 1950.
Overnight stateside, blue chip Dow Jones Industrial Average ended with a decrease of 151.95 points or 0.36 percent at 42,392.27, while S&P 500 0.22% down to 5,868.55 and tech heavy Nasdaq Composite It fell 0.16% to 19,280.79.
It marked the fifth straight session in the red for the S&P 500 and Nasdaq, their longest losing streaks since April. Major tech stocks weighed on the market, with Apple down 2.6 percent, and Tesla dropping 6 percent in annual deliveries.
— CNBC’s Jesse Pound and Christina Cheddarberk contributed to this report.