Iron ore futures in Asia rose Monday as the latest rate cut in top metals consumer China helped boost sentiment, but gains were limited by doubts over the effects of the move on the steel market. China cut benchmark lending rates in a highly anticipated move,

China’s commercial lenders cut their benchmark lending rates in a highly anticipated move as policymakers intensify efforts to boost the ailing economy.

China cut benchmark lending rates as anticipated at the monthly fixing on Monday, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.

Iron ore and base metals rose after Chinese banks cut their benchmark lending rates, part of a push by Beijing to ensure Asia’s biggest economy meets growth targets for this year.

China's banks cut their main lending rates, in a well-telegraphed move, as policymakers intensify their efforts to boost the slowing economy. Find out more:

The PBOC announced cuts to banks' reserve requirement ratio by 50 basis points and the benchmark seven-day reverse repo rate by 20 basis points on Sept. 24, kicking off stimulus proposals that include measures to support the ailing property sector and boost consumption.

China's mainland shares posted modest gains as a central bank lending rate cut boosted real estate stocks, but investors awaited more details on government stimulus.

Stock markets in the U.S. on Friday gained on the back of a post-earnings surge in streaming giant Netflix, which in turn helped the overall benchmark S&P 500 index (SP500) to its longest weekly win streak of 2024.

A look at the day ahead in Asian markets. The trading week in Asia opens against an increasingly bullish global backdrop fueled by continued strength in U.S. stocks, but with local sentiment more circumspect due to the uncertainty surrounding China's deep-rooted economic problems.

Most Asian markets turned lower Tuesday after a negative lead from Wall Street fuelled by profit-taking, while traders try to ascertain the outlook for US interest rates.