Asian markets show signs of life!
After the big cut in the interest rate by the Australian Central Bank, Asian markets started showing signs of life. Main indices in South Korea, Taiwan, and Singapore all edged higher reacting positively to this bold move.
RBA Gov. Glenn Stevens said the Australian Central Bank had judged that a large cut in the cash rate was needed after studying the outlook for global growth and its likely effect on Australia. He said in a statement, "Conditions in international financial markets took a significant turn for the worse in September.” He also noted evidence of "a significant moderation in growth in Australia's trading partners in Asia."
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