Following a unanimous decision by US FOMC members to slash the federal funds target rate by 50bp to 1%, and a 27bp reduction in rates by the PeoplesÆ Bank of China late on Wednesday, the MSCI Asia-Pacific ex-Japan stocks index rose 10% - its third consecutive day of gains. Markets in Japan, Hong Kong, Singapore and Korea climbed as much as 12%, and commodity prices surged.
Taiwan cut rates by a further 25bp to 3% yesterday, after reductions of 37.5bp in the past five weeks, while on Monday the...
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