IMF lowers growth forecast for Asia 2021 and China’s RPL

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SINGAPORE – Asia-Pacific stocks rose on Wednesday morning after rising overnight on Wall Street as the S&P 500 posted its fifth straight day of gains.

Japan’s Nikkei 225 rose 0.72% early in the session while the Topix index rose 0.63%. South Korea’s Kospi rose 0.52%.

Australian stocks edged up, with the S & P / ASX 200 gaining 0.91%.

The MSCI’s largest Asia-Pacific stock index outside of Japan traded up 0.29%.

Investors will watch movements in the Chinese real estate space after Reuters reported on Tuesday that debt-ridden developer China Evergrande Group has put aside plans to sell a controlling stake in its real estate services business.

Looking ahead, China is expected to announce its latest benchmark policy rate at 9:30 a.m. HK / SIN on Wednesday. The majority of traders and analysts in a Reuters poll do not expect any change in both the one-year prime lending rate (LPR) and the five-year LPR.

The International Monetary Fund cut its 2021 economic growth forecast for Asia on Tuesday, now expecting the region to grow 6.5% this year. This compares to the IMF’s April forecast for a 7.6% expansion.

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Overnight in the United States, the S&P 500 rose 0.74% to 4,519.63 while the Dow Jones Industrial Average gained 198.70 points to 35,457.31. The Nasdaq Composite rose 0.71% to 15,129.09.

Currencies

The The US dollar index, which tracks the greenback against a basket of its peers, was at 93.807 after a recent rebound below 93.6.

The Japanese yen was trading at 114.52 to the dollar, lower than the levels below 114 seen against the greenback yesterday. The Australian dollar changed hands at $ 0.7475 after yesterday’s rise of less than $ 0.745.


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