Asian markets race ahead after Australia cuts rates

Asian stocks rose overnight after Australia's central bank cut interest rates to 3.5%, providing a boost for investors.

Asian stocks rose for a second day after the move, with sentiment also given a lift from data showing Australia's economy expanded at more than twice the rate economists estimated in its latest survey. Growth in Q1 was 1.3%, ahead of forecasts of just 0.5%. The news lifted Asian markets, with Japan's Nikkei 225 rising 1.7% and Hong Kong's Hang Seng Index advancing 1.1%. The gains came after a positive session for the US, where the Dow Jones closed up 0.22% at 12,127.95, and the S&P and NASDAQ both finished 0.57% and 0.66% higher. The overnight gains are expected to boost the FTS...