TOKYO - Asian stocks rode a Wall Street rally on Monday and were also cheered by a decision from China’s central bank to alter the way it sets a key interest rate benchmark, a move seen by analysts as reducing borrowing costs for companies.
The People’s Bank of China on Saturday unveiled key interest rate reforms to help steer borrowing costs lower for companies and support a slowing economy caught in the grip of a bruising trade war with the United States. “However, the reform is unlikely to have a stimulative effect on China’s property markets with the authorities still insisting on tight regulations to prevent the crowding-out effect from high home prices.”rose 1.6%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 1.1%.
“Sentiment in the markets appeared headed for a one-way rout, but policy hopes following reports of the German stimulus have helped halt the steady deterioration,” said Ayako Sera, senior market strategist at Sumitomo Mitsui Trust. The 10-year U.S. Treasury yield US10YT=RR stood at 1.582%, having pulled away from a three-year trough of 1.475% marked last week in the wake of global slowdown fears.
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