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Asian Markets Mostly Higher After Fed Rate Cut

(RTTNews) - Asian stock markets are mostly higher on Thursday following the positive cues overnight from Wall Street after the U.S. Federal Reserve cut interest rates for the third time this year, but hinted it may put further monetary policy easing on hold.

Investors also digested news that Chile has cancelled the Asia-Pacific Economic Cooperation or APEC summit scheduled to be held in Santiago in mid-November, citing violent protests across the country. U.S. President Donald Trump and Chinese President Xi Jinping were due to meet at the summit to discuss and possibly sign phase one of a U.S.-China trade deal.

The Australian market is extending losses from the previous session despite the overnight gains on Wall Street. Banking stocks are among the leading decliners.

The benchmark S&P/ASX 200 Index is losing 16.40 points or 0.25 percent to 6,673.10, after touching a low of 6,670.80 earlier. The broader All Ordinaries Index is down 12.70 points or 0.19 percent to 6,782.00. Australian stocks snapped a seven-session winning streak to close notably lower on Wednesday.

In the banking space, ANZ Banking reported a 7 percent decline in full-year statutory profit, while cash profit from continuing operations was flat with last year. The bank will pay only a partially franked dividend for the first time in twenty years. Shares of ANZ Banking are losing more than 3 percent.
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