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Asian stocks slide as China cuts rates, Powell testimony looms By Investing.com

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⚠️BREAKING: *ASIAN STOCKS MOSTLY LOWER ACROSS THE REGION AS CHINA CUTS RATES, POWELL TESTIMONY LOOMS 🇯🇵🇦🇺🇨🇳🇭🇰🇰🇷🇮🇩🇮🇳

by 10 basis points across the board, as widely expected by markets. While the move is expected to unlock more stimulus in the country, it also highlights a slowing economic rebound in China.

The cut was largely priced in by markets, given that the PBOC had already trimmed short and medium-term rates last week. Chinese stocks had risen in the lead-up to the LPR cut, rebounding from six-month lows over the past week. But the economic outlook for China remains bleak, with a slew of major investment banks cutting their growth forecasts for the year. The recent rate cuts were in part spurred by a slew of weak economic readings for April and May.

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