The People’s Bank of China spat a good amount of lighter fluid on the global equity market rally at the end of a week that saw the launch of a program designed to provide two-way access to mainland and Hong Kong markets. Friday’s cut in official lending rates by the central bank is the first since July 2012 and follows a series of policy interventions aimed at indirectly stimulating its economy. Both European benchmarks and US stock index futures responded with enthusiastic advances to the reduction ...
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