- Storm Oscar hits eastern Cuba as island grapples with blackout
- New Zealand basks in 'golden 48 hours' after sporting triumphs
- UN biodiversity summit opens with call for 'significant' funding
- Dodgers beat Mets to set World Series showdown with Yankees
- Liberty rally to top Lynx in overtime for WNBA title
- US, Canada warships pass through Taiwan Strait
- Asian markets fluctuate as traders digest China rate cut
- Naomi Osaka season over because of injury
- Toll from attack in India-controlled Kashmir rises to seven: reports
- Simmering Bellingham set for Dortmund reunion in Champions League
- World Cup winner Kerr thanks 'grandmas' for T20 inspiration
- Dortmund identity crisis ahead of European rematch with Real Madrid
- China's central bank cuts two key rates to boost economy
- BHP goes on trial in London over 2015 toxic Brazil mine disaster
- Pakistan passes constitutional amendments aimed at courts
- Fungi finding: mushroom hunters seek new species and recognition
- Beware: US election disinformation masked as 'breaking news'
- Celtics seek repeat, Lebron and son unite as NBA season opens
- Poston holds off Ghim for PGA Tour triumph in Las Vegas
- Unbeaten Chiefs march past 49ers, Lions hand Vikings first loss
- Moldova president blames interference for potential EU referendum loss
- King Charles to spotlight conflict, climate in Australian capital
- UN chief seeks 'significant' funding at summit to save nature
- Hurricane Oscar makes landfall in Cuba amid huge power outage
- McLaren blast 'inappropriate' penalty as Norris F1 title hopes hit
- La Rochelle bounce back against Bordeaux-Begles
- Lethal Lewandowski helps Barca rout Sevilla, Atletico triumph
- Leclerc wins US Grand Prix as Norris, Verstappen clash
- Moldovans vote 'no' in referendum on joining EU: partial results
- Lewandowski powers five-star Barca to Sevilla rout
- Lions hand Vikings first loss, Packers down Texans
- In escalation, Israel bombs Hezbollah-linked finance group
- Martinez keeps Inter on Napoli's tail with Roma winner
- Marseille return to form with Montpellier thrashing
- Lula cancels trip to summit in Russia after injuring head
- Cuba girds for Hurricane Oscar with electricity supply still down
- Harris celebrates birthday at Georgia churches as Trump serves McDonald's
- One dead as flooding hits Italy's northeast flatlands
- Browns quarterback Watson exits with Achilles tendon injury
- Liverpool 'showed up' to beat Chelsea challenge: Slot
- 'Once in a lifetime' Kerr leads New Zealand to Women's T20 World Cup triumph
- Pope names 14 new saints, including martyrs of Damascus
- Malinin captures third straight Skate America crown
- Sri Lanka triumph in rain-affected first ODI against West Indies
- Moldovans flock to vote in key tests on EU future
- Liverpool pass Chelsea test to reclaim Premier League top spot
- Kerr leads New Zealand to maiden Women's T20 World Cup triumph
- Tens of thousands rally in Georgia for EU ahead of pivotal vote
- UN biodiversity summit opens under guerrilla threat in Colombia
- 'Smile 2' scares up the biggest audiences in N.American theaters
Asian markets fluctuate as traders digest China rate cut
Asian markets swung Monday as traders weigh Chinese central bank interest rate cuts aimed at reigniting the world's number two economy, while gold hit a record high on geopolitical concerns.
Another record day on Wall Street on Friday was unable to inspire a similar rally at the start of the week, with traders also gearing up for the latest company earnings season.
The People's Bank of China said it had slashed two key rates to all-time lows as part of a drive by authorities to revive spending and achieve their five percent annual economic growth target.
The move comes after figures last week showed the economy expanded at its slowest quarterly pace since the start of 2023, but still better than forecast.
Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said: "The monetary policy has clearly shifted to a more supportive stance since the press conference on September 24. The real interest rate in China is too high."
Friday's economic growth reading came alongside news that retail sales and industrial output had risen more than expected in September -- providing a ray of light after a string of below-par readings on a range of indicators including inflation, investment, and trade.
Beijing has since last month unveiled a raft of measures to revive the economy -- and particularly the property sector -- including rate cuts, an easing of home-buying rules and pledges to support equity markets.
The announcements inspired a blockbuster rally in mainland and Hong Kong stocks, but some of those gains have been erased after a series of disappointing news conferences that failed to provide any detail or meaningful measures.
"Officials are gradually ramping up support to kick-start the economy -- but the will-they-won’t-they of announcements has made the process a rollercoaster for markets," said analysts at Moody's Analytics.
"The latest supports are very welcome. And they’re likely to propel the economy to its ‘around 5%’ target for the year. But more is required if officials are to address the structural challenges in the economy."
Hong Kong and Shanghai edged down in the morning, while there were also losses in Singapore, Wellington and Manila.
However, Tokyo, Sydney, Seoul, Taipei and Jakarta rose.
Investors had been given a positive lead from Wall Street, where the Dow and the S&P 500 pushed to fresh records thanks to strong earnings from Netflix and positive reports on Apple's iPhone sales in China boosted the massive tech sector.
Gold prices hit an all-time high of $2,729.30 on news Israel is discussing its retaliation against Iran after Tehran's missile barrage this month, while news that a Hezbollah drone exploded near Prime Minister Benjamin Netanyahu’s home stoked tensions.
However, oil prices were flat, having tumbled more than eight percent last week as uncertainty over the economy in China -- the world's top importer of the commodity.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: UP 0.3 percent at 39,110.95 (break)
Hong Kong - Hang Seng Index: DOWN 0.3 percent at 20,747.45
Shanghai - Composite: DOWN 0.6 percent at 3,242.95
Euro/dollar: DOWN at $1.0865 from $1.0868 on Friday
Pound/dollar: UP at $1.3049 from $1.3047
Dollar/yen: DOWN at 149.24 yen from 149.45 yen
Euro/pound: DOWN at 83.25 pence from 83.30 pence
West Texas Intermediate: UP 0.1 percent at $69.26 per barrel
Brent North Sea Crude: FLAT at $73.05 per barrel
New York - Dow: UP 0.1 percent at 43,275.91 (close)
London - FTSE 100: DOWN 0.3 at 8,358.25 (close)
P.Costa--AMWN