Asian Stock Market: Fears of banking turmoil propels further downside, oil drops on steady PBOC

global banking meltdown. S&P500 futures generated significant gains in early Asia, however, fears of global banking turmoil activated sellers to trigger shorts. It seems that rallies are being capitalized as selling opportunities, which indicates a dismal market mood.

At the press time, Japan’s Nikkei225 tumbled 1.06%, ChinaA50 remained choppy, Hang Seng plunged 2.61%, and Nifty50 dropped 1.07%. Chinese equities remained sideways despite the interest rate decision announcement by the People’s Bank of China . The central bank kept the one-year and five-year Loan Prime Rate steady at 3.65% and 4.30% respectively. Contrary to the unchanged interest rate decision, the street was anticipating further expansion in the monetary policy stance.

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