Asian
stocks climbed for the first day this week amid speculation central
banks will provide additional stimulus to bolster global economic
growth.
The
MSCI Asia Pacific Index gained 0.4 percent to 125.51 as of 9:04 a.m. in
Tokyo, halting three days of losses. U.S. shares rebounded with crude
oil on Wednesday ahead of Thursday’s European Central Bank meeting that
may provide more insight on the potential for further steps to loosen
policy and the trajectory of interest rates. The Reserve Bank of New
Zealand unexpectedly cut interest rates to a fresh record low and
signaled further easing may be needed, saying it’s concerned by a slump
in inflation expectations.
New
Zealand’s S&P/NZX 50 Index jumped 0.7 percent, heading for a record
close. Reserve Bank Governor Graeme Wheeler lowered the official cash
rate by a quarter point to 2.25 percent, a move predicted by just two of
17 economists surveyed by Bloomberg.
Source: Bloomberg
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