Asian markets mostly rose on Monday after China at the
weekend cut interest rates for the second time since November, while
better-than-forecast US economic data helped push the dollar up against
the yen.
Several key events will also be taking investors' attention this week, including a meeting of China's Communist Party, the European Central Bank and the release of US jobs figures.
Hong Kong added 0.70%, Shanghai gained 0.68%, Tokyo climbed 0.26% by the break, Sydney put on 0.71% and Seoul was 0.33% higher.
The People's Bank of China on Saturday cut interest rates by 25 basis points, citing "historically low inflation" among the factors behind its decision.
The move is the latest by authorities aimed at helping the economy regain its lustre after it grew in 2014 at its slowest pace since 1990. This month the PBoC also cut the percentage of funds banks must hold in reserve, known as the reserve requirement ratio, to try to boost lending.
It also comes just ahead of the start Thursday of
the annual meeting of China's rubber-stamp legislature, the National
People's Congress, at which Premier Li Keqiang is expected to deliver an
address on the state of the economy. Saturday's announcement was
followed the next day by official data showing the country's
manufacturing sector shrank for a second straight month in February.
Buying was also helped by news that the US economy grew 2.2% in the last quarter of 2014, slower than the 2.6% first estimated but not as slow as the 2.1% forecast.
The news lifted the dollar, which bought ¥119.82 in Tokyo on Monday, against ¥119.63 in New York and well up from ¥119.17 in Tokyo earlier on Friday.
The euro bought $1.1167 and ¥133.83, compared with $1.1195 and ¥133.93 in US trade.
However, Wall Street's main indicecs still retreated.
The S&P 500 slipped 0.30% on Friday but still managed to record its best month since October 2011, putting on 5.5%. The Dow eased 0.45% and the Nasdaq fell 0.49%.
Oil retreated after enjoying steep gains Friday, with some analysts suggesting prices have bottomed out after hitting six-year lows in January.
Several key events will also be taking investors' attention this week, including a meeting of China's Communist Party, the European Central Bank and the release of US jobs figures.
Hong Kong added 0.70%, Shanghai gained 0.68%, Tokyo climbed 0.26% by the break, Sydney put on 0.71% and Seoul was 0.33% higher.
The People's Bank of China on Saturday cut interest rates by 25 basis points, citing "historically low inflation" among the factors behind its decision.
The move is the latest by authorities aimed at helping the economy regain its lustre after it grew in 2014 at its slowest pace since 1990. This month the PBoC also cut the percentage of funds banks must hold in reserve, known as the reserve requirement ratio, to try to boost lending.
Buying was also helped by news that the US economy grew 2.2% in the last quarter of 2014, slower than the 2.6% first estimated but not as slow as the 2.1% forecast.
The news lifted the dollar, which bought ¥119.82 in Tokyo on Monday, against ¥119.63 in New York and well up from ¥119.17 in Tokyo earlier on Friday.
The euro bought $1.1167 and ¥133.83, compared with $1.1195 and ¥133.93 in US trade.
However, Wall Street's main indicecs still retreated.
The S&P 500 slipped 0.30% on Friday but still managed to record its best month since October 2011, putting on 5.5%. The Dow eased 0.45% and the Nasdaq fell 0.49%.
Oil retreated after enjoying steep gains Friday, with some analysts suggesting prices have bottomed out after hitting six-year lows in January.
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