Asian Stocks Climb Second Day After China Rate Cut, U.S. Jobs

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Asian stocks rose for a second day after China cut interest rates for the third time in six months and U.S. shares jumped following an official jobs report.

The MSCI Asia Pacific Index added 0.6 percent to 152 as of 9:01 a.m. in Tokyo. China is bolstering stimulus amid subdued inflation and a weak trade profile, signs Asia’s largest economy may struggle to reach its annual growth target of about 7 percent. The Standard & Poor’s 500 Index gained 1.4 percent Friday after a rebound in U.S. hiring last month bolstered optimism that the economy is recovering, but not fast enough to warrant raising interest rates in June.

Japan’s Topix index rose 1.2 percent. South Korea’s Kospi index added 0.9 percent. Australia’s S&P/ASX 200 Index gained 0.4 percent, as did New Zealand’s NZX 50 Index. Markets in China and Hong Kong have yet to open.

Source : Bloomberg