Asian stocks rise as Federal Reserve cuts interest rates
Asian stocks rose on Friday following a Federal Reserve interest rate cut. Australian and Japanese shares increased, and the Golden Dragon index of US-listed Chinese companies jumped 3.5%. The S&P 500 and Nasdaq 100 also reached new highs.
The Fed lowered its benchmark rate by 25 basis points, leading to a rally in US stocks and bonds. The 10-year Treasury yield fell, indicating a shift in investor sentiment regarding inflation. Jobless claims data showed weakness in the labor market, supporting gains in US debt.
In other news, Nissan plans to cut 9,000 jobs and reduce manufacturing capacity due to a significant drop in income. South Korea announced it will enhance monitoring of financial markets to manage volatility.