Economics
Asian Stocks Extend Two-Month High as China Cuts Interest Rates
- Benchmark equity gauge heading for best month since 2009
- Hitachi shares surge in Tokyo, BlueScope soars in Sydney
What China's Rebalancing Means for Commodities
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Asian stocks rose after China’s central bank cut its benchmark lending rate, stepping up efforts to cushion a deepening economic slowdown.
PetroChina Co. and liquor maker Kweichou Moutai Co. were the biggest boosts to Shanghai’s benchmark gauge. Hitachi Ltd. climbed 6.1 percent in Tokyo after lifting its profit forecast. BlueScope Steel Ltd. soared 11 percent in Sydney after Australia’s largest steelmaker agreed to buy the remaining 50 percent of its joint venture in the U.S. with Cargill Inc. for $720 million, giving the producer full ownership of North America’s most profitable mill.