Asian Stocks Gain as Global Rate Decisions Bolster Markets

Asian stocks were mostly higher on Monday, buoyed by key rate decisions from the US, Japan, China, and Britain. Market gains followed China's central bank lowering its 14-day reverse repurchase rate, and the US Federal Reserve cutting its main interest rate for the first time in over four years.

Asian stocks saw an uptick on Monday, bolstered by recent key rate decisions from the US Federal Reserve, Japan, China, and Britain.

Chinese stocks rose following the central bank's decision to lower its 14-day reverse repurchase rate to 1.85%, an anticipated move despite unchanged key lending rates last week.

The Hang Seng in Hong Kong gained 0.1% to 18,281.74, and the Shanghai Composite index climbed 0.5% to 2,748.99. Japanese markets were closed for a public holiday, but the yen weakened significantly after the Bank of Japan maintained its benchmark rate at 0.25%, falling back from last week's peak to 143.98 yen to a dollar.

Elsewhere, Australia's S&P/ASX 200 dipped 0.7% ahead of the Reserve Bank of Australia's two-day policy meeting. Conversely, South Korea's Kospi rose 0.3% to close at 2,602.02.

On Wall Street, the S&P 500 and Nasdaq composite saw slight declines, while the Dow Jones hit a record high. The Fed made its first rate cut in over four years, aiming to curb inflation while maintaining economic stability. Critics argue this move may have been delayed and warn of potential economic risks.

(With inputs from agencies.)