Beijing, China – China’s state-owned banks have taken action to stabilize the country’s currency, the yuan, by selling dollars and swapping yuan for dollars in the onshore swap market, according to a report from Reuters. This move came after a cut to China’s key five-year loan prime rate, signaling the country’s efforts to address the slide in the yuan’s value. The yuan was trading at 7.198 against the dollar in the spot market, prompting state-owned banks to intervene in the currency market.

Meanwhile, in Australia, the mining giant BHP reported a half-year profit that surpassed expectations. However, its net income for the period plummeted 86% year on year due to a decline in nickel prices, stemming from oversupply in the market. As a result, shares of BHP experienced a 1.35% decrease.

In a separate development, Australia’s Star Entertainment saw its shares plunge to a record low following news of a second inquiry into its casino operations. This unfortunate event has raised concerns about the future of the company in the Australian market.

On the other hand, in China, the central bank announced its decision to cut the benchmark five-year loan prime rate for the first time since June while keeping the one-year tenure unchanged. This move aims to boost property funding and stimulate the housing market. The decision to cut the five-year loan rate by 25 basis points was seen as a positive sign for the country’s fiscal health by investment professionals.

In the energy sector, oil prices experienced a mixed trading session following a Houthi missile attack, which prompted crew members to abandon a ship in the Red Sea. The incident raised concerns about potential disruptions to key trade routes in the region. However, commodity markets seemed to “shrug off” the attack, with minimal impact on prices anticipated, according to a note from Oxford Economics.

Furthermore, the Reserve Bank of Australia stated that it will take “some time” for inflation to return to its target, signaling a potentially prolonged period before another interest rate hike. The RBA had recently decided to keep rates steady in its previous decision.

As for the global stock market, a Morningstar strategist named three under-the-radar stocks that could perform well in the current “stock picker’s market,” reflecting ongoing political tensions and uncertainty over potential interest rate cuts by the U.S. Federal Reserve.

In the electric vehicle industry, Xpeng, a prominent player, announced plans to hire 4,000 new employees and invest heavily in artificial intelligence technology. The company’s CEO warned of intense competition in the sector, suggesting a challenging landscape for EV companies.

Lastly, European stocks closed slightly higher, with the Stoxx 600 index gaining 0.17%. This positive momentum comes after a 1.4% increase in the previous week, highlighting the resilience of European equities in the face of global uncertainties.