Oct 7, 2008
Australia slashes interest rate 1 percentage point
Australia's central bank cut its official interest rate by a bigger-than-expected 1 percentage point Tuesday to ease credit concerns amid a global financial turmoil, cheering investors around the region and lifting Australian stocks into positive territory
The cut to 6 percent was the largest by the Reserve Bank of Australia since May 1992. Analysts had expected a half-point reduction.
Australian stocks jumped on the news after opening sharply lower and other Asian markets gained after the move as well. Sydney's benchmark S&P/ASX-200 index was up 2 percent in afternoon trading.
Read full story from The Associated Press
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