Asian stocks buoyed by rate cut hopes; China lags as PBOC offers no surprises

Investing.com-- Most Asian stocks rose on Tuesday, tracking an overnight rally on Wall Street as markets cheered the prospect of lower U.S. interest rates before a key address from Federal Reserve Chair Jerome Powell later this week.

Other Asian markets were buoyed by a positive lead-in from Wall Street, as growing optimism over an interest rate cut in September saw investors pile back into equities, especially heavyweight technology stocks. The RBA also signaled it will keep rates high for longer- a trend that bodes poorly for Australian markets. The prospect of weak economic growth in China also weighed on Australian stocks, given their large trade exposure to China.Chinese markets lagged their peers, cutting short a recovery from six-month lows after the People’s Bank of China kept its benchmark loan prime rate unchanged.unchanged as widely expected.

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