Japanese shares closed higher
Most Asian markets were trading higher after China lowered interest rates over the weekend, its third cut in six months, in an attempt to spur growth.
China's central bank lowered its benchmark rate by 25 basis points to 5.1%, saying the move was aimed at boosting development.
Chinese shares were higher, with the Shanghai Composite leading the way, closing up 3% at 4,333.58.
In Hong Kong, the Hang Seng index closed up 0.51% at 27,718.20
Japan's Nikkei 225 index closed up 1.3% at 19,620.91.
However, shares in Sharp plunged 26% after local reports said the struggling electronics maker was planning a drastic restructuring of its finances. Sharp is expected to announce a deal with its creditors later this week that involves swapping $1.7bn of debt for shares.
Shares of Toshiba slumped 17% after it cancelled a dividend payment and withdrew its earnings outlook as it expanded an investigation into accounting irregularities which began last month.
In Australia, a day before the government is due to deliver its 2015-16 budget papers, the S&P/ASX 200 index closed down 0.2% at 5,625.2, erasing earlier gains.
Australian businesses reported a fall in sales and employment in April, while confidence remains subdued despite record-low interest rates, according to a survey by National Australia Bank.
"Until confidence lifts significantly it is difficult to see a sustained economic recovery developing - to date rate cuts have not appeared to do much and it will be interesting to see what if anything this week's Federal Budget will do," said NAB chief economist Alan Oster.
In South Korea, the benchmark Kospi index closed up 0.6% at 2,097.38. Shares were boosted by news of China's rate cut, as China is a major market for South Korean exporters.
- Published10 May 2015
- Published9 May 2015
