Asian stocks rally on stimulus hopes, oil rebound

By FXStreet FXStreet (Mumbai) – Asian stocks rebounded on Friday, tracking the positive close on the Wall Street overnight after the oil prices saw a solid recovery. While hopes of further stimulus from the ECB in the upcoming months also boosted sentiment.

Asian stocks cheer stimulus news, oil bounce

The Japanese stocks found renewed signs of life and pulled out from the bear market territory on the back of strong rebound in the black gold overnight, posting the biggest daily gain in three months. Meanwhile, USD/JPY trades muted around 117.70 and the Nikkei rallies +3.61% to 16,595.

The Australian stocks also followed suit and recovered alongside oil and copper prices, with boosted the resource and energy stocks. The S&P/ASX 200 index is now advancing 1.18% to 4,421.

While the Chinese markets had an upbeat start and clings on to gains, with the Shanghai Composite index up 0.44% to trade near 2,900. Shenzhen’s CSI 300 index trades +57%. While Hong Kong’s the Hang Seng sees sharp rebound, up +2.30% to 18,973.
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Source:: FX Street