Hong Kong's Hang Seng poised to rise 4% at open
Asia-Pacific markets were largely range bound on Wednesday, while futures for Hong Kong's Hang Seng Index suggested a 4% rise for the index when trading starts.
HSI futures were at 19,763, compared to the index's last close of 19,000.
Chinese markets rallied yesterday after the country's central bank announced a slate of economic support measures, with the HSI seeing its best day in seven months, while mainland China's CSI 300 recorded its largest one-day gain in over four years.
On Wednesday, the PBOC slashed the medium-term lending facility rate to 2%, down from 2.3%. This is the second cut to the MLF in about three months, after the central bank cut rates from 2.5% to 2.3% in late July.
The offshore yuan also briefly strengthened to 6.995 against the U.S. dollar, breaking the 7.00 level for the first time since May 2023.
Investors will be watching Australia's inflation numbers on Wednesday, with the consumer price index expected to post a 2.7% rise year on year, according to economists polled by Reuters. (ayu)
Source: CNBC
