Global Stocks Slide as Chinese Interest Rate Cut Fails to Sustain Rally - News18
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Global stocks mostly fell Tuesday following a smaller-than-forecast Chinese interest rate cut, while a pullback in US markets suggested a rally was running out of steam. Asian stocks finished mostly lower, as did European equities. All three major US indices also pulled back, with the S&P 500 losing 0.5 percent. London stocks firmed on the eve of critical UK inflation data and ahead of Thursday’s expected interest rate increase from the Bank of England. “Developments in China, where the central bank cut its reference interest rate by ten basis points, continue to point to a slower-than-predicted post-pandemic recovery in the world’s second-largest economy," said ActivTrades analyst Ricardo Evangelista. “With China’s economy struggling to regain momentum, the headwinds for the global economy get stronger," he warned. The People’s Bank of China reduced its benchmark five-year rate by 10 basis points, less than the 15 points expected, though it did meet forecasts