Stocks in Asia-Pacific were higher on Tuesday as the Reserve Bank of Australia’s lowered its cash rate target.
Markets in Japan were shuttered for holiday.
In Hong Kong, the Hang Seng index built on Monday’s large gain, picking up 479.72 points, or 2%, to 24,939.73, as shares of life insurer AIA soared 6.3%.
The moves in Asia-Pacific came as the Reserve Bank of Australia reduced its cash rate target to 0.1%.
The Japanese yen traded at 104.58 per U.S. dollar after seeing levels above 104.8 against the greenback yesterday.
Following the RBA announcement, the Australian dollar changed hands at $0.709, after falling to an earlier low of $0.7025.
The upcoming U.S. presidential election between incumbent Donald Trump and former Vice President Joe Biden also weighed on investor sentiment.
In other markets
In Shanghai, the CSI 300 climbed 56.73 points, or 1.2%, to 4,777.56.
In Korea, the Kospi index soared 43.15 points, or 1.9%, to 2,343.21.
In Taiwan, the Taiex Index ballooned 144.7 points, or 1.2%, to 12,736.01.
In Singapore, the Straits Times Index added 54.09 points, or 2.2%, to 2,497.22.
In New Zealand, the NZX 50 regained 59.48 points, or 0.5%, to 12,130.31
In Australia, the ASX 200 popped 115.07 points, or 1.9%, to 6,066.36.
