Asian Stocks Rise After Fed Cut

Asian stock markets rose Wednesday as investors welcomed a hefty U.S. interest rate cut and a rally on Wall Street overnight.

Sentiment was also lifted by better-than-expected earnings from major U.S. investment banks Goldman Sachs and Lehman Brothers, easing concerns about fallout from the global credit crisis.

Japan's benchmark Nikkei 225 index rose 2 percent to 12,204.8 by early afternoon trading, while Hong Kong's Hang Seng index was up 2.7 percent.

Australia's main index rose 3.6 percent, and markets in South Korea, China and India were also sharply higher.

But analysts warned that the advance doesn't mean the turmoil is over.

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