Asian stocks swing higher on strong Wall Street close, China leads the show

FXStreet (Mumbai) - Asian markets rallied on Thursday tracking sharp pullback seen in the US markets overnight following upbeat US durable goods orders and dovish Fed Dudley’s comments, citing that Sept rate hike seems ‘less compelling’ for him. While bargain hunting after Tuesday’s heavy losses also boosted the Asian indices.

Chinese stocks rebounds sharply, markets cheer renewed optimism

Japan’s stocks extended its upsurge for the second straight session as the Japanese yen weakened against the US dollar, with the USD/JPY cross trading comfortably above 120 barrier during mid-Asia, up 0.18% on the day. The Japanese benchmark Nikkei 225 is gaining over 1.80% at 18724.

Chinese equities also joined its Asian counterparts higher, halting its recent losing streak, with the Shanghai Composite index extending early gains and now rises nearly 2% at 2984 points. The Hong Kong's benchmark Hang Seng index advances 2.5% at 21607.

Among other Asian indices, the benchmark Australian S&P/ASX 200 index rallies 1.43% at 5246 with miners trading with healthy gains after iron ore prices stabilized for the second day in a row on Wednesday. Korea's benchmark Kospi index now trades 1.29% at 1,919 points in Seoul.