Asian stocks appear set to kick off the week on a positive note, but a weaker finish on Wall Street last week and worries over growth in the world’s top two economies may sap risk appetite.
Markets will also be digesting an interest rate cut by the People’s Bank of China on Saturday. The Chinese central bank cut the benchmark interest rate by 25 basis points to 5.35 percent and reduced the benchmark saving rate by a similar margin to 2.5 percent.
Australia’s S&P ASX 200 index notched up 0.3 percent amid a broad-based rally. Mining and banking heavyweights opened higher; Rio Tinto and Fortescue Metals rose 1 percent each, while Australia & New Zealand Banking led gains among the big four lenders, up 0.6 percent.
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