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Asian markets rise on oil rebound and Australia rate cut Asian markets rise on oil rebound and Australia rate cut
(about 4 hours later)
Asian markets are mostly rising after a rebound in US crude oil prices led to a rally on Wall Street. Most Asian markets have risen after a rebound in US crude oil prices led to a rally in US stocks on Wall Street.
Brent crude, the global benchmark, and WTI, the US standard, both rose more than 3% despite a nationwide strike at several US refineries.Brent crude, the global benchmark, and WTI, the US standard, both rose more than 3% despite a nationwide strike at several US refineries.
Sentiment was also lifted after the Reserve Bank of Australia cut interest rates for the first time in 18 months to counter an economic slowdown. Sentiment was also lifted after the Reserve Bank of Australia for the first time in 18 months to counter an economic slowdown.
It reduced borrowing costs by 25 basis points to a record low of 2.25%.It reduced borrowing costs by 25 basis points to a record low of 2.25%.
Australia's stock market rose on the news but the Australian dollar fell by 1.2% against the US dollar. Australia's stock market rose on the news, with the benchmark S&P/ASX 200 closing 1.5% higher at 5,707.37 points.
The Australian dollar fell by 1.2%, its most in more than five years, against the US dollar.
Earlier in the day, Australia also posted its smallest trade deficit in nine months in December.Earlier in the day, Australia also posted its smallest trade deficit in nine months in December.
The trade shortfall of A$436m (£226m) was significantly lower than economist estimates of a A$850m trade gap due to an increase in exports amid low commodity prices. The trade shortfall of A$436m (£226m) was significantly lower than economists' estimates of a A$850m trade gap due to an increase in exports amid low commodity prices.
Hong Kong's Hang Seng index and Japan's Nikkei were both down 0.3% . In China, the Shanghai Composite share index rallied 2.5%, and Hong Kong's Hang Seng index rose 0.4%.
The Shanghai Composite was up 0.4% and South Korea's Kospi traded flat. However, Japan's Nikkei closed 1.3% lower at 17,335.85 and South Korea's Kospi index closed flat at 1,951.96.
One of the biggest stock movers on Tuesday was Hong Kong-based financial group Sun Hung Kai.One of the biggest stock movers on Tuesday was Hong Kong-based financial group Sun Hung Kai.
Sun Hung Kai shares rallied more than 8% to their highest level since 2007 after China's Everbright Securities agreed to buy a stake in one of its financial units for $529m. Sun Hung Kai shares fell nearly 6% before being suspended from trade after China's Everbright Securities agreed to buy a stake in one of its financial units for $529m.