Overnight, the PBOC cut the reserve requirement ratio by 50bps for all banks. The biggest lenders new reserve requirement ratio will be 17% and is set to free up approx 700b yuan for banks to make loans.
US equities reversed late in the session to finish close to the lows. Over 60% of the day volume on the NYSE was transacted in the final hour and a half of trade.
* The Dow Jones eased 123.47 points, the S&P500 fell 15.82 points, whilst the Nasdaq lost 32.52 points.
* European shares were mostly firmer. The FTSEurofirst 300 index rose by 0.7% whilst the UK FTSE gained 0.10%.
Eurozone inflation was 0.2% weaker than expected. The headline measure dropped to 0.2% yoy, whilst core inflation slowed to 0.7% (the lowest read since March last year).
- Asian shares rose slightly in early trade on Tuesday, with sentiment bolstered by China's easing move and gains in oil prices but also constrained by lackluster U.S. and European data that kept concerns about global growth momentum alive. Japan's Nikkei .N225 was down 0.5 percent in early trading, crimped by gains in the yen.
Reference: MKS Group, Reuters
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