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Asian stocks climb after China rate cut
Shanghai rose 1.85 percent, or 46.09 points, to end at 2,532.88 while in late trade Hong Kong was up 1.90 percent. Sydney added 1.08 percent, or 57.5 points, to 5,361.8 and Seoul ended 0.70 percent higher, tacking on 13.70 points to 1,978.54. China's central bank on Friday evening announced it would slash its one-year rate for deposits by 25 basis points to 2.75 percent, and its one-year lending rate by 40 basis points to 5.6 percent, both effective Saturday. The Dow climbed 0.51 percent and the S&P 500 gained 0.52 percent- both ending at new record highs - while the Nasdaq added 0.24 percent. The bank is struggling to fend off deflation in the currency bloc with inflation currently at just 0.4 percent, well below the ECB target of 2.0 percent. Taipei rose 0.34 percent, or 30.80 points, to 9,122.33. 5 while Hon Hai Precision Industry was 0.21 percent higher at Tw$96. Wellington eased 0.44 percent, or 24.13 points, to 5,471.68.

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