Asian markets surged Tuesday following China's interest rate cuts aimed at mitigating economic slowdown exacerbated by trade tensions. A major battery maker saw a significant IPO debut, while US markets were mixed after a Moody’s downgrade of the US credit rating. Concerns about global trade and US debt persist.

• China cut key interest rates to stimulate the economy.
• Battery maker’s IPO raised $4.6 billion in Hong Kong.
• Moody’s downgraded the US credit rating to 'Aaa'.