Asian stocks defy stimulus slides for third day in week

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Asian Stocks Defy Stimulus Slides for Third Day in a Row

Despite a global market slump triggered by the US Federal Reserve's decision to cut interest rates, Asian stocks continued to defy the trend for the third consecutive day, with many major indices posting gains.

The resilience of Asian markets was attributed to a combination of factors, including strong corporate earnings, optimism about the region's economic outlook, and a lack of panic selling following the Fed's surprise rate cut.

In Tokyo, the Nikkei 225 index rose 0.6% to 22,444.45, while the Topix index gained 0.5% to 1,744.45. In Seoul, the Kospi index added 0.4% to 2,244.45, and in Hong Kong, the Hang Seng index climbed 0.3% to 28,444.45.

In China, the Shanghai Composite index rose 0.2% to 3,244.45, and the Shenzhen Composite index gained 0.3% to 1,744.45. The Chinese markets were closed on Monday for a national holiday.

The Fed's decision to cut interest rates by 25 basis points on Wednesday had sent shockwaves through global markets, with many investors worried about the potential impact on the economy. However, Asian markets have been relatively unaffected, with many analysts attributing this to the region's strong economic fundamentals.

"Asia's economy is still growing, and the region's central banks have been more proactive in responding to economic challenges," said Takashi Hiroki, a senior economist at Japan's Mitsubishi UFJ Financial Group. "This has helped to cushion the impact of the rate cut."

The resilience of Asian markets has also been driven by strong corporate earnings, with many companies in the region reporting better-than-expected results. This has helped to boost investor confidence and drive stock prices higher.

In addition, the lack of panic selling following the rate cut has also contributed to the region's market stability. Many investors have been hesitant to sell their stocks, given the strong fundamentals of the region's economy and the potential for further rate cuts.

Overall, the resilience of Asian markets is a positive sign for the global economy, and suggests that the region's growth momentum is likely to continue in the coming months.