Despite a moderate close in Thursday trading in Wall Street, Asian markets are reported to continue to advance, with South Korea gained of 10 percent on its stocks.
The Shanghai Composite Index was a touch higher after China cut interest rates for the third time in six weeks. After the market closed on Wednesday, the Chinese central bank announced a 0.27 percentage point cut in both the benchmark rate for one-year loans by
commercial banks, to 6.66 percent, and in the rate on one-year certificates of
deposit, to 3.60 percent, starting from Thursday. The cut was widely expected, as the Chinese central bank's part of a worldwide effort to aid the faltering global economy, but analysts doubted it would significantly ease the stock market's key concerns at the moment, especially slumping earnings growth at listed Chinese companies.
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