TOKYO: Asian stocks advanced on Thursday, tracking sharp gains on Wall Street as recent data from multiple sectors pointed to slowing economic growth in the United States, bolstering the prospect of rate cuts by the Federal Reserve.
"Stocks and bonds rallied together overnight as the markets were betting on interest rate cuts at the European Central Bank and the U.S. Federal Reserve," said Noriko Miyoshi, head of fixed income at Simplex Asset Management in Tokyo. European Union leaders' nomination of Christine Lagarde, the head of the International Monetary Fund, to replace Mario Draghi as president of the ECB, reinforced expectations of more monetary policy easing if it's needed.
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