By JOE McDONALD
AP Business Writer
BEIJING (AP) — Asian stock markets are higher after China cut interest rates to shore up flagging economic growth and Japan reported a double-digit rise in exports. Benchmarks in Shanghai, Tokyo, Hong Kong and Seoul advanced. Wall Street’s benchmark S&P 500 index fell 1% as investors tried to figure out how fast the Federal Reserve will move in rolling back economic stimulus to cool inflation. The Chinese central bank cut its interest rate on one- and five-year loans after growth in the world’s second-largest economy sank to 4% over a year earlier in the latest quarter. Japan reported December exports rose 17.5% over a year earlier.