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Asian stocks join global rally on China rate cut

FXStreet (Mumbai) - The stocks on the Asian bourses extend rally from the previous session and kicked-off the week on a stronger footing, as Asian traders welcome the Chinese rate cut news from Friday and rejoice more easing money flooding into markets.

Asian indices tracking gains from the Wall Street

The Japanese stocks extend the solid performance, despite a stronger yen versus the US dollar, as cheap money backed by China rate cut news and ECB hinting at further easing in Dec continues to boost the corporate sector. The PBOC cut both the one-year lending rate and the deposit rate by 25bps, marking the sixth rate cut since last November. The index jumps +1.18% to 19,037 points.

The Australian benchmark, the S&P/ASX trades marginally higher at 5,356, with banking and mining stocks supporting the index. While lack-lustre performance across the commodities space caps the gains in the index.

Stocks on the Chinese indices also take the positive lead from the Wall Street and extend the rally, with the mainland’s China’s Shanghai Composite index, up 0.72% at 3,437. While Hong Kong’s Hang Seng gains 0.26% to 23,211.

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