Australian and New Zealand stocks climbed with futures on copper after China unexpectedly cut interest rates, joining Europe and Japan in bolstering economic stimulus amid a global slowdown. The euro extended its decline.
The S&P/ASX 200 Index added 1.1 percent by 10:49 a.m. in Sydney, led by mining companies and energy stocks as New Zealand’s NZX 50 Index (NZSE50FG) rose 0.1 percent. Futures on the Standard & Poor’s 500 Index (SPA) gained 0.1 percent following the gauge’s 0.5 percent climb to a fresh record Nov. 21. Copper futures advanced 0.3 percent after a surge in industrial metals at the end of last week. The 18-nation euro slipped 0.2 percent to $1.2373 in a third day of declines, while China’s yuan was little changed at 6.1340 per dollar in offshore trading.
Chinese shares in New York surged the most in a year as the People’s Bank of China reduced rates for the first time since 2012 after the close of local trading Nov. 21. The move came as European Central Bank President Mario Draghi bolstered his stimulus pledge and three weeks after the Bank of Japan unexpectedly increased its monetary-base target. Japanese markets are closed for a holiday today, while services data is due in the U.S. Germany’s Ifo institute surveys are scheduled.