The People’s Bank of China lowered the one-year base loan rate by 5 basis points to 3.65% at the central bank’s monthly fix on Monday, while the five-year base loan rate was lowered by 15 basis points to 4.30%.<\/p>\n\n\n\n
This came on the heels of last week’s surprising decision to cut two other benchmark interest rates.<\/p>\n\n\n\n
While China’s economy, the world’s second largest, narrowly avoided contraction in the second quarter, widespread COVID-19 lockdowns and the real estate crisis are weighing on consumer and business confidence.<\/p>\n\n\n\n
Last week, Goldman Sachs cut its full-year GDP growth forecast for China to 3.0% from 3.3% previously, well below Beijing’s official target of around 5.5%.<\/p>\n\n\n\n
US stock markets are set to open sharply lower on Monday, with investors nervous ahead of the Federal Reserve’s eagerly awaited Jackson Hole economic seminar.<\/p>\n\n\n\n
By 06:00 ET (10:00 GMT), Dow futures were down 300 points, or 0.9%, S&P 500 futures were down 1.2%, and Nasdaq 100 futures were down 1.5%.<\/p>\n\n\n\n
Oil prices fell on Monday due to reports that a deal to revive the nuclear deal between Iran and Western powers is imminent.<\/p>\n\n\n\n
And the Qatari news channel Al-Jazeera reported, at the weekend, that such a deal was “imminent,” while the White House confirmed that the leaders of the United States, Britain, France and Germany discussed the plans at the end of the week.<\/p>\n\n\n\n
These fraught negotiations have lasted more than a year, and the market may be on its way forward, especially after an Iranian Foreign Ministry spokesman on Monday accused the United States of “stalking.”<\/p>\n\n\n\n
However, the deal could release more than 1 million barrels of oil per day into the market if sanctions on Iranian oil are lifted.<\/p>\n","protected":false},"excerpt":{"rendered":"
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