Asian shares mixed after China cuts key rate, Japan GDP up

BANGKOK — Shares were mixed in Asia on Monday after China’s central bank cut a key interest rate and Japan reported its economy expanded at a faster pace in the last quarter.

Tokyo and Sydney advanced while Hong Kong, Shanghai and Bangkok fell. U.S. futures edged higher Monday while oil prices declined.

The People’s Bank of China cut its rate on a one-year loan to 2.75% from 2.85% and injected an extra 400 billion yuan ($60 billion) in lending markets after government data showed July factory output and retail sales weakened.

Beijing is aiming to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is believed to be trying to extend his hold on power.

The ruling Communist Party effectively acknowledged last month it can’t hit this year’s official 5.5% growth target after anti-virus curbs disrupted trade, manufacturing and consumer…