China Banks Cut Key Rate by Record to Boost Ailing Economy ….Positive for Metal stocks …. Tata Steel, Hindalco, Jindal Steel, JSW Steel, Nalco
· Expects positive for metal stocks on hope of improve demand after the People Bank of China Chinese cut five-year loan prime mortgage rate by 15bps from 4.60% to 4.45%.
· Chinese banks cut a key interest rate for long-term loans by a record amount, a move that would reduce mortgage costs and may help counter weak loan demand caused by a property slump and Covid lockdowns.
The five-year loan prime rate, a reference for home mortgages, was lowered to 4.45% from 4.6%, according to a statement by the People’s Bank of China Friday.
· Tata Steel, Hindalco, Jindal Steel, JSW Steel, Nalco expected to positive.
· China’s plans to bolster growth as Covid outbreaks and lockdowns crush activity will see a whopping $5.3trillion pumped into its economy this year according by media report
By: via @AlliesFin Serve Stock Market
