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Asian stock markets spurred by China interest rate cut

People walk by an electronic stock board of a securities firm in Tokyo, Monday, May 11, 2015. Japan’s benchmark Nikkei 225 index rose to 19,624.51 points in morning trading as Asian stocks were higher after China’s central bank cut interest rates in the latest move by policymakers to reinvigorate the country’s stumbling economy. (AP Photo/Koji Sasahara)
People walk by an electronic stock board of a securities firm in Tokyo, Monday, May 11, 2015. Japan’s benchmark Nikkei 225 index rose to 19,624.51 points in morning trading as Asian stocks were higher after China’s central bank cut interest rates in the latest move by policymakers to reinvigorate the country’s stumbling economy. (AP Photo/Koji Sasahara) People walk by an electronic stock board of a securities firm in Tokyo, Monday, May 11, 2015. Japan’s benchmark Nikkei 225 index rose to 19,624.51 points in morning trading as Asian stocks were higher after China’s central bank cut interest rates in the latest move by policymakers to reinvigorate the country’s stumbling economy. (AP Photo/Koji Sasahara)

By Associated Press 2 min read

HONG KONG (AP) – Asian stocks rose Monday after China’s central bank cut interest rates for the third time in six months, hoping to reinvigorate waning growth in the world’s No. 2 economy.

KEEPING SCORE: Japan’s Nikkei 225 rose 1.3 percent to 19,625.20 and South Korea’s Kospi gained 0.9 percent to 2,103.93. Hong Kong’s Hang Seng added 0.7 percent to 27,761.96 and the Shanghai Composite Index in mainland China advanced 1.2 percent to 4,255.73. Australia’s S&P/ASX 200 was up 0.2 percent to 5,646.60. Markets in Southeast Asia also rose.

CHINA CUT: On Sunday, the People’s Bank of China cut interest rates for the third time in half a year in a fresh bid to shore up sputtering economic growth. The central bank’s latest move came after trade data released on Friday showed a bigger than expected decline in exports in April over the year before. At the same time, inflation remains low, giving policymakers leeway to ease monetary policy as they strive to keep growth from falling below a 7 percent target.

THE QUOTE: “The latest move is likely to have positive effects for stock markets today as investors respond to the valuation impact for China’s stock market and welcome the move as a statement of intent by authorities to support the economy,” CMC Markets Chief Analyst Rick Spooner said in a commentary.

WALL STREET: The U.S. stock market ended last week with its best day in two months on good news about the job market. The Dow Jones industrial average jumped 1.5 percent to close at 18,191.11 while the Standard & Poor’s 500 added 1.4 percent to 2,116.10, its biggest gain since mid-March. The Nasdaq composite rose 1.2 percent to 5,003.55.