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The central bank of the People's Republic of China is responsible for formulating and implementing monetary policies, preventing and defusing financial risks and maintaining financial stability.
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Asia-Pacific markets were set to open mixed Monday as traders awaited China's loan prime rate announcement, while also awaiting Japan's general election at the end of this week.
China's central bank is expected to cut the one-year and five-year LPRs by 20 basis points, according to a note by ING and echoing the statement made by People's Bank of China Governor Pan Gongsheng on Friday.
ING also noted that the PBOC is likely to release its rate decision for the medium term lending facility on Friday, although it is expected to be left unchanged at 2% after being reduced by 30 basis points last month.
"Data aside, it is worth monitoring if there are potential further government ministry briefings or a potential announcement of the timing for the National People's Congress meeting in the week ahead, as stimulus rollout remains a major theme for markets," ING said.
Other key economic data this week will include October inflation figures for Japan's capital city of Tokyo, as well as advance third-quarter GDP figures from South Korea.
The benchmark Nikkei 225 was set to rise, with its futures contract in Chicago at 39,185 and its counterpart in Osaka both at 39,040 against the index's last close of 38,981.75.
Futures for Hong Kong's Hang Seng index stood at 20,782, pointing to a weaker open compared to the HSI's close of 20,804.11.
Australia's S&P/ASX 200 started the day up 0.71%
In the U.S., both the S&P 500 and the Dow Jones Industrial Average surged to record highs Friday, sealing six straight weeks of gains.
The broad market benchmark advanced 0.40% to close at 5,864.67, while the blue-chip Dow gained 36.86 points, or 0.09%, to end at 43,275.91.
The Nasdaq Composite, led by a postearnings jump in Netflix, ended the day up 0.63% at 18,489.55.
— CNBC's Lisa Kailai Han and Alex Harring contributed to this report.
Fri, Oct 18 20244:07 PM EDT
Stocks climb to a record close Friday afternoon
The S&P 500 and Dow Jones Industrial Average rallied to new records to close Friday's session.
The broader market benchmark rose 0.40% to settle at 5864.67, while the 30-stock index added 36.86 points, or 0.09%, and closed at 43,275.91. The Nasdaq Composite gained 0.63% and finished at 18,489.55.
— Lisa Kailai Han
Fri, Oct 18 20243:33 PM EDT
Recent economic growth has been because of deficit spending, says John Paulson
The strength in the U.S. economy is not surprising, according to hedge fund billionaire John Paulson.
"Well, it is positive," the Paulson & Co. founder told CNBC's "Money Movers" on Friday. "The tech sector is doing well, but a lot of the growth is due to the deficit spending."
Paulson, who is a supporter of former President Donald Trump and has been a major donor to his 2024 presidential campaign, pointed to the 14% increase in federal spending compared to last year's period. The national deficit currently sits at nearly $2 trillion.
"The increase in government spending is basically accounting for all the GDP growth that we have this year," he continued. "It's an easy way to get growth in the short term, but it has long-term consequences."
— Sean Conlon
Fri, Oct 18 202410:46 AM EDT
Gold rises to new record high
Gold futures rose to a fresh intraday all-time high of $2,732.30 on Friday. Week to date, gold futures are up 1.8%, on pace for the fifth positive week in six.
The VanEck Gold Miners ETF (GDX) hit its highest level since September 2020 and was headed for its seventh straight daily gain.
For the week, the Gold Miners exchange-traded fund is up more than 5%, putting it on track for its best week since Sept. 13 when it jumped 10.36%.
— Hakyung Kim, Gina Francolla
English (US) ·