Asian markets are trading higher in today’s session after China cut its prime lending rate (LPR). This is yet another move by the country in an attempt to quell the negative economic effects of the virus and stimulate the economy.
Shares in Japan are leading Asian growth markets. Nikke225 was up 1.4% and the rally led Softbank, whose shares were up 3.92%. Topix is up 1.03%.
Major Chinese stocks are traded on an increase. Shanghai Composite is up 0.6%. Shenzhen Composite is up 0.67% and Shenzhen Component is up 0.85%.
However, Kospi is beginning to wipe out earlier gains after Korea announced new cases of Crown Virus.
The ASX200 is up 0.71%.
Trader Martin Nikolov