Shares in Asia-Pacific jumped on Thursday, following an overnight bounce on Wall Street after oil prices fell sharply from a recent surge.
International benchmark Brent crude and U.S. crude futures tumbled more than 10% overnight on Wednesday.
Asia markets responded on Thursday to the overnight declines in oil prices. China, India, Japan and South Korea are all major importers of oil, according to 2020 data from the International Energy Agency.
In Japan, the Nikkei 225 index recovered in a big way, gaining 972.87 points, or 3.9%, to 25,690.40.
The Japanese yen traded at 115.90 per U.S. dollar, weaker than levels below 115.2 seen against the greenback earlier this week.
In Hong Kong, the Hang Seng index jumped 262.55 points, or 1.3%, to 20,890.26.
Shares of Chinese electric vehicle maker Nio started trading in Hong Kong on Thursday, in what is the firm’s secondary listing. The shares initially jumped but later erased most of those gains, finishing its debut day 0.82% above its issue price.
South Korea’s Kospi also gained on the day with markets returning to trade from Wednesday’s presidential election which saw conservative opposition candidate Yoon Suk-yeol emerging victorious.
Australia jumped, too, with shares of major miner Rio Tinto, however, plunged 7.3%. The firm told reporters on Thursday that it is “in the process of terminating all commercial relationships it has with any Russian business.”
The Australian dollar was at $0.7339, still off lows below $0.726 seen earlier in the week.
In other markets,
In Shanghai, the CSI 300 picked up 66.49 points, or 1.6%, to 4,292.84.
In Singapore, the Straits Times Index forged ahead 45.35 points, or 1.4%, to 3,240.73.
In Taiwan, the Taiex index popped 417.84 points, or 2.5%, to 17,437.20.
In New Zealand, the NZX 50 tallied 141.13 points, or 1.2%, to 11,926.26.
In Australia, the ASX 200 picked up 77.8 points, or 1.1%, to 7,130.83.