Asian markets up on ECB rate cut, many indexes reverse gains before close

FXstreet.com (Barcelona) - Mainland China’s Shanghai Composite (+1.44%), South Korea’s Kospi (+0.43%) and Hong Kong’s Hang Seng (+0.22%) rose on Friday on the back of yesterday’s ECB rate cut by 25bp to 0.50%. Such sentiment was felt broadly earlier in the session, but in time, many Asian indexes shifted to the downside, such as India’s Bombay Sensitive (-0.32%), Singapore’s Straits Times (-0.66%) and Indonesia’s Jakarta Composite (-0.81%). Japan is closed for holiday.

Futures for the German DAX 30 and the French CAC 40 are signaling a higher opening by +0.15% ahead of EMU PPI and European Commission Economic Growth Forecast, due at 09:00 GMT.