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· Asian stocks rode a Wall Street rally on Monday and were also cheered by a decision from China’s central bank to alter the way it sets a key interest rate benchmark, a move seen by analysts as reducing borrowing costs for companies.

The People’s Bank of China (PBOC) on Saturday unveiled key interest rate reforms to help steer borrowing costs lower for companies and support a slowing economy caught in the grip of a bruising trade war with the United States.

In China, the Shanghai Composite Index .SSEC rose 1.6%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 1.1%.

· Japanese shares rose on Monday as signs central banks around the world are taking steps to support their economies helped ease immediate concerns about a global recession.

However, buyers were somewhat restrained as the U.S.-China trade dispute remained a nagging worry.

The Nikkei share average climbed 0.7% to 20,563.16 points, while the broader Topix added 0.6% to 1,494.33.

“Improving external factors buoyed Japanese stocks today but the trading was quite subdued,” said Takashi Hiroki, chief strategist at Monex Securities.

“There is a wait-and-see mood ahead of this week’s Jackson Hole symposium as investors are keen to get fresh hints from Federal Reserve Chairman (Jerome) Powell.”

· China stocks jumped over 2% on Monday, their best since early July, as investors cheered Beijing’s latest stimulus to prop up an economy hit hard by a never-ending trade war with the United States.

The CSI300 index rose 2.2%, to 3,791.09 points, while the Shanghai Composite Index gained 2.1%, to 2,883.10 points.

The pan-European Stoxx 600 jumped 1% in early trade, with banks surging 1.6% as all sectors and major bourses traded in positive territory.

Reference: CNBC, Reuters