2015.10.2600:58:55UTC+00Asian stocks on course to regaining losses as China cut rates

Asian shares, which has lost its momentum since the yuan devaluation in August, were on the mend following global equities surged following the Chinese central bank reduced rates and US tech giants posted positive earnings guidance.

The People's Bank of China cut its benchmark one-year lending rate by 25 basis points to 4.35%, as well as lowered huge banks' reserve requirement ratio last week.

Technology companies Alphabet, Amazon, and Microsoft reported upbeat earnings results. The first two reached record peaks, while Microsoft surged to a 15-year high.

The MSCI Asia Pacific Index gained 0.5% to touch its highest since August 12. Japan's Nikkei climbed 1.1% to a two-month peak. Also, the MSCI's index of the world's share markets have escalated more than 10% from its two-year low touched less than a month ago.

The moves by the European Central Bank and PBOC are increasing bets the Bank of Japan “will act later on this week as well,” said Masahiro Ichikawa, Senior Strategist at Sumitomo Mitsui Asset Management.