Live news: China’s central bank surprises market by cutting key rate

South Korea’s economy unexpectedly contracted in the second quarter on cooling consumer spending despite stronger exports, increasing expectations of an interest rate cut in the coming months.

Gross domestic product in the April-June quarter shrank 0.2 per cent from a quarter earlier in seasonally adjusted terms, according to the Bank of Korea, while analysts polled by Reuters forecast a 0.1 per cent ri