Asian
stocks rose for a second day after U.S. indexes reached another record
as Chinas unexpected interest-rate cut stoked optimism in the global
economy.
The
MSCI Asia Pacific excluding Japan Index climbed 0.5 percent to 475.75
as of 9:02 a.m. in Seoul. China reduced interest rates last week,
joining the European Central Bank and the Bank of Japan in deploying
fresh stimulus. That contrasts with the Federal Reserve, which has ended
its bond-buying program as the U.S. economy strengthens. ECB President
Mario Draghi said Nov. 21 he will do what is necessary to spur
inflation.
South
Koreas Kospi index surged 1 percent. Australias S&P/ASX 200 Index
jumped 1.4 percent. New Zealands NZX 50 Index was little changed.
Japanese markets are closed for a holiday. Futures on Hong Kongs Hang
Seng Index soared 2.1 percent in their most recent trading session, with
the cash market yet to open today. Contracts on the Hang Seng China
Enterprises Index surged 3.2 percent.
China
cut benchmark interest rates for the first time since July 2012 as
leaders step up support for the worlds second-largest economy. The
one-year lending rate was reduced by 0.4 percentage point to 5.6
percent, while the one-year deposit rate was lowered by 0.25 percentage
point to 2.75 percent, the Peoples Bank of China said on its website on
Nov. 21.
Source: Bloomberg
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