Asian Stocks Rise


Asia stocks rallied a third day, led by banks and metals producers, on speculation lower interest rates and U.S. stimulus measures will ease the global financial crisis and boost the region’s exports.

Commonwealth Bank of Australia, the nation’s largest mortgage lender, rose 2.4 percent in Sydney as the U.S. Federal Reserve planned to buy longer-term Treasury bonds and New Zealand’s central bank cut its benchmark rate to a record. Sony Corp. rose 3.8 percent after the yen fell against the dollar. BHP Billiton Ltd., the world’s biggest mining company, jumped 4.8 percent as oil and metals prices rose.

The MSCI Asia Pacific Index added 0.7 percent to 84.09 as of 9:52 a.m. in Tokyo, with three stocks advancing for each one that declined. The Nikkei 225 Stock Average gained 1.9 percent to 8,257.27, while Australia’s S&P/ASX 200 Index rose 0.6 percent. The NZX 50 Index added 1.4 percent in Wellington as New Zealand cut the benchmark interest rate by 1.5 percentage points to 3.5 percent to steer the economy out of a deepening recession.


TradingEconomics.com, Bloomberg
1/28/2009 6:17:59 PM