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Asian stocks rise after China rate cut, US payrolls
[TOKYO] Asian stocks climbed with Treasuries and bonds in the region after China cut interest rates for the third time in six months and US jobs data damped speculation the Federal Reserve will raise borrowing costs in June.
The MSCI Asia Pacific Index jumped 0.6 per cent by 9:59 am in Tokyo, rising the most since April 21 as Japan's Topix index climbed 1.2 per cent. Standard & Poor's 500 Index futures were little changed after the gauge gained the most in almost two months on Friday. Ten-year Treasury yields fell a third day, while rates on government debt from Australia to Japan slipped at least two basis points.
The Topix increased the most since April 21, while the Nikkei 225 Stock Average climbed 1.3 per cent in a second day of gains.
The Kospi index in Seoul gained 1 per cent and Australia's S&P/ASX 200 Index added 0.5 per cent, while New Zealand's NZX 50 Index rose 0.3 per cent.