Asian stocks extend rally on oil rebound

By FXStreet The stocks on the Asian indices are extending the previous rebound and advance further into the green territory as investors’ confidence was restored following the much anticipated bounce in the oil prices.

ASX 200 in its way to 5000

The Japanese benchmark index, the Nikkei 225 rallies +2.47% to 16,227 points, largely tracking the strong close on the Wall Street overnight as well as higher oil prices. Exporters’ stocks benefited from overnight weakness in the yen, with the USD/JPY rising as much as 114.50, before retreating to 113.90, where it now wavers.

The Australian markets also followed suit and shrugged off weak Australian jobs and Chinese CPI data, as the entire energy complex was boosted following a 7% jump in the black gold after Iran backed the Russia-Saudi-led initiative to stall production. The ASX 200 index now rises +1.80% to 4,970.

While the Chinese equities also remained supported amidst the global rally, although gains remained capped on below estimates Chinese inflation data. China’s CPI rose 1.8% y/y in January, coming in slightly weaker than the 1.9% increase forecast by markets, but accelerating from 1.6% in December. Meanwhile, the Shanghai Composite index gains 0.26%, Shenzhen’s CSI300 also trades 0.26% higher. Hong Kong’s …read more

Source:: FX Street