Asian Stocks Rebound, Track Wall Street, Oil Higher
The Asian stock markets staged a solid comeback this Tuesday, after
having witnessed heavy sell-off the day earlier, as bulls were rescued
by the strong Wall Street close and rebound in oil prices.
The region’s equities gained the most in a month as the overnight recovery in the oil prices underpinned the sentiment around the resource and energy stocks. While the Japanese stocks benefited from the robust recovery in USD/JPY, the Aus markets cheered dovish minutes of RBA’s April 5 meeting.
Nikkei drives the Asian markets rebound
The Japanese stocks recovered almost entire slide seen yesterday and now reverts towards three-week tops. The Japanese benchmark index, the Nikkei 225 jumps +3.48% to 16,841 points, while USD/JPY rises 0.23% to 109.06, eyeing for a test of 110 handle.
The Australian markets also tracked their other Asian counterparts, with the benchmark S&P/ASX 200 index rallying 1.03% to 5,190. While the Chinese equities wavered between gains and losses amid a slightly higher yuan fix today. The benchmark Shanghai Composite index erased gains and trades muted around 3,035 points, the CSI300 index drops -0.15%, while Hong Kong’s Hang Seng advances 0.79% to trade around 21,300 levels.