Asian stocks edged up on Thursday after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank later in the day as global policy makers step up efforts to support their wobbly economies. A rebound in the price of oil, a source of recent anxiety, also calmed investor nerves.
MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.1 percent. Japan’s Nikkei climbed 1 percent and Australian shares added 0.2 percent. South Korea’s KOSPI rose 0.3 percent.
The big surprise on Thursday came from New Zealand’s central bank, which cut the benchmark cash rate to a record low 2.25 percent.
Reserve Bank of New Zealand Governor Graeme Wheeler cited China as a major risk to the bank’s outlook for economic growth and inflation, reflecting global concerns over a slowdown in the world’s second-biggest economy.
“If China had a very significant and prolonged devaluation, it would in essence spread deflation around the world,” Wheeler told reporters, adding that China was building up a number of serious imbalances.
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