Asian Stocks Advance as China Rate Cut Boosts Optimism - Asian stocks rose, with a regional gauge heading for its biggest advance this month, after U.S. indexes reached another record as Chinas unexpected interest-rate cut stoked optimism in the global economy. In Sydney, BHP Billiton Ltd. (BHP), the worlds biggest mining company that gets about 35 percent of revenue from China, jumped 3.9 percent and Fortescue Metals Group Ltd. climbed 8.9 percent, rebounding from losses the past two weeks. China Vanke Co., the nations biggest homebuilder by sales, surged 6.8 percent in Hong Kong, pacing gains among mainland developers. China Railway Construction Corp. gained 1.7 percent after winning $1.98 billion worth of contracts in Saudi Arabia. The MSCI Asia Pacific excluding Japan Index climbed 1.2 percent to 479.04 as of 9:48 a.m. in Hong Kong, heading for its biggest advance since Oct. 29. China reduced interest rates last week, joining the European Central Bank and the Bank of Japan in deploying fresh stimulus. That contrasts with the Federal Reserve, which has ended its bond-buying program as the U.S. economy strengthens.
Posted on: Mon, 24 Nov 2014 09:53:59 +0000
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