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China rate cut, Fed stimulus hopes boost markets

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LONDON (AP) — Global markets rose on Thursday, boosted by China’s decision to cut interest rates, hopes that the Federal Reserve will consider new support for the U.S. economy and speculation Europe is preparing to give Spain financial aid.

China cut its benchmark lending rate by a quarter percentage point to 6.31 percent for the first time since 2008 to support growth in its cooling economy, the world’s second-largest.

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