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| Asian markets rise on oil rebound and Australia rate cut | Asian markets rise on oil rebound and Australia rate cut |
| (35 minutes later) | |
| Most Asian markets have risen after a rebound in US crude oil prices led to a rally in US stocks 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. | |
| 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, with the benchmark S&P/ASX 200 closing 1.5% higher at 5,707.37 points. | 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. | 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 economists' 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. |
| In China, the Shanghai Composite share index rallied 2.4% to close at 3,204.91 - ending a five-day losing streak. | |
| Hong Kong's Hang Seng index finished up 0.3% at 24,554.78. | |
| However, Japan's Nikkei closed 1.3% lower at 17,335.85 and South Korea's Kospi index closed flat at 1,951.96. | 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 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. | 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. |