Asian Stocks Decline Following Biden's Withdrawal from the 2024 Presidential Race
Overview of Market Reactions
Asian stocks were mostly lower on Monday following the withdrawal of President Joe Biden from the 2024 presidential race, which he announced on Sunday. In his statement, he endorsed Vice President Kamala Harris to run against former President Donald Trump, further fueling uncertainties about the future of the world's largest economy.
Market Performance Highlights
- The Hang Seng index in Hong Kong rose by 0.8%, reaching 17,548.33.
- The Shanghai Composite index fell by 0.7%, to 2,961.41.
Impact of China's Monetary Policy
This decline in the Shanghai index follows an unexpected move by China's central bank to reduce the one-year benchmark loan prime rate to 3.35% from 3.45%. This adjustment aims to provide support for businesses as economic uncertainty looms.
Conclusion
The intersection of political changes and monetary policy continues to create ripples across global financial markets, raising concerns regarding economic stability.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.