Asian stocks kicked off the week at new highs, as an interest rate cut in China on Saturday offset a weaker finish on Wall Street last week and data indicating shaky growth in the world’s top two economies.
The People’s Bank of China 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.
HSBC’s final reading of China’s manufacturing sector in Febuary came in at 50.7, much higher than the flash reading of 50.1 and the official February reading announced over the weekend, which showed a second straight month of contraction due to unsteady exports and slowing investment.
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