Fed rate cut boosts Asian markets on Thursday

Asian stocks mostly rose on Thursday amid optimism from a significant interest rate cut by the Federal Reserve. Japanese markets surged as the yen weakened ahead of a Bank of Japan meeting.

Japan’s Nikkei 225 and TOPIX indexes surged by two per cent to 2.8 per cent, outperforming their regional peers.

Elsewhere in Asia, stock markets exhibited mixed reactions to the Fed’s rate cut. Australia’s ASX 200 rose slightly 0.3 per cent, despite a strong labour market report.

China’s major indexes, China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes increased by 0.5 per cent and 0.4 per cent, respectively. Hong Kong’s Hang Seng index also rose by 0.6 per cent.

South Korea’s KOSPI dropped by 0.5 per cent after a three-day break, while India’s Nifty 50 index futures indicated a positive opening, with the index approaching new highs.

The People’s Bank of China is expected to maintain its benchmark loan prime rate on Friday, reflecting its cautious approach to stimulus.

Attribution: Investing.com

Subediting: M. S. Salama