Asian shares gain, China cuts interest rate

Asian shares recuperated on Wednesday amid an impending worst global recession in seven decades highlighted a severely hurt economy while some countries attempted to resume businesses.

The interest rate reduction prompted MSCI’s broadest index of Asia-Pacific shares outside Japan to advance with 0.3%, hitting its one-month high.

However, the Japanese benchmark index Nikkei had declined by 0.5% after soaring up to 3% in its previous trading activity. S&P 500 E-Mini futures dropped 0.5% after a 3% increase while Shanghai blue chips eased 0.2%.

China nursed its suffering economy by trimming a key medium-term interest rate to record lows as it tries to implement the same scheme in benchmark loan rates.

Despite worldwide efforts, economic signs indicate that the global economy will slip further, with the International Monetary Fund forecasting that the economy would recede to its sharpest since the 1930 Great Depression.