Asian markets slide amidst rate cut by major Central Banks

Asian stocks fell on Friday in spite of policy easing by Bank of England, European Central Bank and The People's Bank of China as they fell to assure investors that the global economy is out of the tempest. In spite of various policy announcement made by the major central banks it had a largely muted effect on investor’s sentiment. On Thursday European Central bank slashed euro zone borrowing cost by 0.25%. Earlier in the day Bank of England decided to keep its interest rate to as low as 0.50% but it emphasized on quantitative easing as it decided to purchase bonds from secondary market worth of 50 billion pounds to boost recession effected economy.

Shanghai Composite rose to its highest level in a week on Friday as Industrial Companies and developers profited from the rate cut made by The People's Bank of China offsetting losses incurred by the banks.  Hang Seng Index was down throughout the day as country’s financial services sector hammered losses due to rate cut by the Chinese Central Bank. While Nikkei’s average fell as investors were unsatisfied after monetary easing by the Central bank of China, Europe and England to revive the economic growth.