Asian shares appear set to kick off the week higher, tracking a positive finish on Wall Street after a surprise interest rate cut in China last Friday.
Australia’s S&P ASX 200 index jumped 0.5 percent at Monday’s open. Miners saw a positive start, despite iron ore prices sinking to their lowest levels since 2009. Fortescue Metals and BC Iron advanced nearly 10 percent each.
Meanwhile, the Australian dollar also got a lift from China’s rate cut. The currency rose 0.1 percent to trade at 86.76 cents per U.S. dollar. Japan’s stock market is closed for the Labor Thanksgiving Day.
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