Asian stocks were mostly lower Monday after President Joe Biden exited the 2024 race. Biden announced his withdrawal from the 2024 presidential race on Sunday and endorsed Vice President Kamala Harris to take on former President Donald Trump, adding to uncertainties over the future of the world's largest economy. The Hang Seng in Hong Kong added 0.8% to 17,548.33 and the Shanghai Composite index dropped 0.7% to 2,961.41 after China's central bank unexpectedly lowered its one-year benchmark loan prime rate, or LPR, which is the standard reference for most business loans, to 3.35% from 3.45%.
The day began with the, not unexpected, news of President Joe Biden dropping out of the race and the market reaction so far has been measured. Wall Street futures are a shade firmer, bond yields down a tick and the dollar little changed overall. Biden backed his VP Kamala Harris for the job, putting her in pole position for the nomination which is officially scheduled for the Democratic convention on Aug. 19-22.
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