Asian stocks rose to fresh peak on Thursday while the dollar struggled after the Federal Reserve cut U.S. interest rates to buffer the world's biggest economy from a housing slump. Tokyo's Nikkei average had risen nearly 0.8 %.

MSCI's measure of other Asia Pacific stocks advanced 0.7 %. The MSCI index hit a life high of 591.48, surpassing the previous peak of 582.22 set on Oct. 29, bringing total gains this year to nearly 50 %.

Oil Leaps to USD 96 High on U.S. Inventory Drop

Oil leaped nearly 2 % to top USD 96 for the first time on Thursday, extending the previous day's 5 % surge after an unexpected sharp fall in U.S. crude stocks and data showing strong economic growth. U.S. oil for December delivery rose as high as USD 96.24 a barrel in electronic trade. December Brent crude also hit its record high of USD 91.63, up USD 1 on the day.

Australians Spending Freely

Australian retail sales easily outpaced expectations in September, setting the seal on a very strong quarter for consumption andadding to an already compelling case for a further rise in interest rates.

Thursday's government data showed sales rose 0.8 % in September, when analysts had looked for a 0.5 % gain. For the three months to September sales climbed 1.9 % to Australian dollar 56.7 billion (USD 53 billion) in inflation-adjusted dollars, again topping forecasts of a 1.6 % jump. That strength underpinned the Australian dollar near 23- year highs.