Asian Stocks Through the Roof, Oil Rally, China Trade Underpin
The stocks on the Asian bourses joined the global risk-on rally this
Wednesday, taking the positive lead from strong gains seen in the black
gold yesterday, which buoyed the sentiment around the energy and
Yen extends weakness, China trade data betters expectations
While the yen’s relative weakness sent the exporters’ stocks higher and further added to the upbeat sentiment around the Japanese stocks. Moreover, stronger than expected Chinese trade data, with the exports and imports picking up pace in March, further boosted investors’ confidence on improved risk sentiment.
The Japanese benchmark index, the Nikkei 225 rallies +2.64% to 16,349 points, at daily highs. Meanwhile, USD/JPY extends the rally for the second straight session and now trades around 108.85 levels, recording a 0.84% gain on the day.
The Australian markets cheered stronger Chinese exports data as well as the overnight oil price rally, with the benchmark S&P/ASX 200 index advances +1.40% to trade at 5,050 points.
While the Chinese equities rebounded this session, despite a relatively higher yuan fix today, with the benchmark Shanghai Composite index bouncing +2.29%. The CSI300 index rises +2.15%, while Hong Kong’s Hang Seng shoots +2.31% higher around 20,980 levels.