Asian stocks rise after China rate cuts, Japan export gain
ABC News
Asian stock markets are higher after China cut interest rates to shore up flagging economic growth and Japan reported a double-digit rise in exports
BEIJING -- Asian stock markets rose Thursday after China cut interest rates to shore up flagging economic growth and Japan reported a double-digit rise in exports.
Benchmarks in Shanghai, Tokyo, Hong Kong and Seoul advanced.
On Wall Street, the benchmark S&P 500 index fell 1% on Wednesday as investors tried to figure out how fast the Federal Reserve will roll back economic stimulus to cool inflation.
The Chinese central bank cut rates on one- and five-year loans after growth in the world's second-largest economy sank to 4% over a year earlier in the latest quarter following a crackdown on surging debt among real estate developers.