HONG KONG — Asian stocks were mostly higher on Monday, supported by key rate decisions last week from the U.S. Federal Reserve, Japan, China and Britain.Chinese stocks got a lift after the central bank lowered its 14-day reverse repurchase rate to 1.85% from 1.95% on Monday after opting to keep key lending rates unchanged last week. Markets had been anticipating a cut.
That weakened the Japanese yen, which tumbled back from last week’s peak of around 140 to the U.S. dollar. The dollar was trading at 143.98 yen on Monday. Critics also say the U.S. stock market may be running too hot on the belief the Federal Reserve will pull off what seemed nearly impossible earlier: getting inflation down to 2% without creating a recession.Last week, also, the Bank of England kept its main interest rate on hold at 5% in the wake of the Fed's move.
In other dealings early Monday, U.S. benchmark crude oil rose 44 cents to $71.44 per barrel. Brent crude, the international standard, added 42 cents to $74.91 per barrel.Rachel Reeves’ first Labour conference speech as Chancellor comes against a backdrop of rows over cuts to winter fuel payment eligibility.
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