Asian shares mostly rise on expectations of ECB rate cut

MANILA, Philippines (AP) — Asian shares were mostly higher Thursday following a surprise rate cut by the Reserve Bank of New Zealand and an overnight bounce in oil markets.

ANALYST VIEWPOINT: "Asian markets have reacted fairly well to the bounce back in oil prices overnight," said IG market analyst Angus Nicholson.

New Zealand's central bank lowered its benchmark interest rate to a record low 2.25 percent Thursday, saying the rate could go lower yet as the country grapples with weak international growth and lower prices for its crucial dairy exports.

Stocks edged higher, led by gains in energy companies as prices for oil and natural gas rose.