Asian shares rallied to two-month highs on Wednesday as overnight gains in oil prices and a batch of positive economic data from Australia to the United States calmed fears of a global economic slowdown.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 2.5 percent to its highest levels since Jan. 7, and building on gains in the previous session.
Tokyo stocks spiked Wednesday, with the key Nikkei index up over 4 percent and ending at a roughly three-week high, on a softer yen and reassuring U.S. data that eased concerns about a potential U.S. recession. Gainers were led by iron and steel, insurance and marine transportation issues.
The 225-issue Nikkei Stock Average ended up 661.04 points, or 4.11 percent, from Tuesday at 16,746.55. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 48.78 points, or 3.75 percent, higher at 1,349.61.
Hong Kong stocks jumped over 3 percent on Wednesday to their highest level in seven weeks, with investor sentiment lifted by strength in global markets as well as a more than 4 percent jump in mainland China shares.
The Hang Seng index rose 3.1 percent to 20,003.49 points, while the China Enterprises Index gained 3.8 percent to 8,374.09 points.
All main sectors rose, with energy and resources sectors among the biggest gainers, jumping nearly 4 percent.
China stocks had their best day in four months, jumping over 4 percent, as investors piled into real estate and resources shares, encouraged by tentative signs of recovery in the property market.
Investors shrugged off news that rating agency Moody's cut its China outlook to "negative" from "stable", as the market awaits policy cues from China's annual meeting of top legislatures that starts March 5.
Shanghai Composite Index gained 4.2 percent, to 2,849.68 points.
Reference: Nikkei Asian Review, Reuters
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