HONG KONG, Sep 19 (Reuters) Asian stocks listed on Wall Street <.BKAS> jumped 2.7 percent to a seven-week closing high after the U.S. Federal Reserve slashed the benchmark fed funds rate by 50 basis points to 4.75 percent.
The hefty move was a bold bid to shield the world's biggest economy from a housing slump and financial turbulence, helping soothe fears of a sharper slowdown in Asia's top export market.
Banks shares, which have been battered by worries about a global credit shortage stemming from the U.S. subprime mortgage crisis, rallied. Exporters were also lifted by the rate move.
HSBC Holdings <0005.HK>, Indian lender ICICI Bank , Taiwan's contract chip maker TSMC <2330.TW> and Infosys Technologies , India's No. 2 software services exporter, all gained ground.
The Fed action also helped U.S. stocks jump the most in four years, driving the blue chip Dow Jones Industrial Average <.DJI> up 2.5 percent.
MSCI's measure of Asia Pacific stocks excluding Japan <.MIAPJ0000PUS> fell 0.6 percent on Tuesday ahead of the U.S.
-- HEADLINES: >Fed slashes U.S. interest rates to buffer economy [nN18433941] >Wall St soars as Fed makes bold rate decision [nN18470385] >Lehman net falls less than fcast, says worst over [nN18426958] >Dollar falls to record low vs euro after Fed rate [nN18455134] >N.Rock says tide turns after deposit pledge [nL18688507] >PCCW's Li says received no credible offer [nHKG172922] >China Construction Bank raises .7 bln in IPO [nL18823767] >Murdoch makes case for free WSJ online [nN18466849] >Copper extends gains after U.S. Fed rate cut [nL18130673] >Oil hits new high over after Fed rate cut [nSP161854] >ADR Report-Shares rally on Fed cut, banks recover [nN18424873] -- KEY INDEXES pct change Bank of New York Asia ADR index <.BKAS> +2.68 Dow Jones Industrial Average <.DJI> +2.51 Nasdaq Composite Index <.IXIC> +2.71 MSCI Asia Pacific ex-Japan <.MIAPJ0000PUS> -0.62 Nikkei futures in Chicago <2NKc1> 16,300 Nikkei futures in Osaka 15,780 -- ASIAN ADR ACTION: 5 most actively traded: price change/pct UMC <2303.TW> +3.64 TSMC <2330.TW> +4.18 Infosys Tech +5.39 Siliconware <2325.TW> +4.89 BHP Billiton +6.41 -- Top 5 performers: price change/pct China Telecom <0728.HK> +9.62 CNOOC <0883.HK> +8.57 China Southern <1055.HK> +8.53 China Eastern <0670.HK> +8.39 Videsh Sanchar +7.81 -- Bottom 5 performers: price change/pct Prana Biotech -11.74 Novogen -1.96 Nomura Hld <8604.T> -1.38 Mitsubishi UFJ <8306.T> -1.34 LG.Philips <034220.KS> -0.90 -- TOP ASIA EVENTS: For more Asian company earnings, see [ASIA/EQTY] JAPAN - BOJ meeting outcome - BOJ releases monthly report - Government land price data S.KOREA - Trading in LG Card <032710.KS> shares suspended indefinitely ahead of share swap with top shareholder Shinhan Financial <055550.KS> S.E ASIA - Malaysia Aug consumer price index -- REUTERS RC BST0503