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Asian stocks go nuts

Buda Mendes/Getty Images

Like European and US markets before them, it’s been one heck of a risk rally across Asian markets on Wednesday.

Most major stock markets are up by more than 2%, with the Nikkei 225 in Japan up a whopping 4.33%, leading the regional charge higher.

Stocks in Australia, China, Hong Kong are all up by more than 2%, outpacing gains of over 1% in South Korea and Singapore.

Yes, the dark old days of January and February are now a distant memory, at least for the moment.

While stocks are climbing higher, currency markets, with the exception of the Australian dollar, are meandering around the flat line, more than likely a consequence of rallying substantially overnight.

The Australian dollar is the standout performer, up 0.72% to .7226 on the back of a strong GDP report for the December quarter of last year.

The economy grew by 0.6% during the quarter, leaving the annual growth rate at an enviable 3.0%.

In commodity markets it’s a tale of two sides, with gold and crude oil continuing to slide, while base and industrial metals, especially iron ore futures, are adding to gains seen on Tuesday.

After rebounding sharply in recent sessions, front-month crude futures are off 1.05% at per barrel, largely on the back of renewed US dollar strength and a larger-than-expected US inventory build of 9.9 million barrels reported by the American Petroleum Institute (API) last week.

Like crude, gold is also suffering on a rebound in the greenback.

Here’s the current Asia market scoreboard as at 3.50pm AEDT.

Stocks

  • ASX 200 5030.30 , 108.05 , 2.20%
  • Nikkei 225 16771.08 , 685.57 , 4.26%
  • Shanghai Composite 2794.59 , 61.42 , 2.25%
  • Hang Seng 19909.16 , 501.70 , 2.59%
  • KOSPI 1947.96 , 31.30 , 1.63%
  • Straits Times 2726.40 , 44.01 , 1.64%
  • S&P 500 Futures 1981.00 , 3.00 , 0.15%

Forex

  • USD/JPY 113.92 , -0.06 , -0.05%
  • USD/CNH 6.5526 , 0.0038 , 0.06%
  • AUD/USD 0.7229 , 0.0055 , 0.77%
  • NZD/USD 0.6617 , -0.0010 , -0.15%
  • AUD/JPY 82.35 , 0.58 , 0.71%
  • EUR/USD 1.0853 , -0.0011 , -0.10%
  • GBP/USD 1.3957 , 0.0011 , 0.08%
  • USD INDEX 98.414 , 0.0620 , 0.06%

Commodities

  • Gold $1,227.29 , -$4.57 , -0.37%
  • Silver $14.81 , -$0.04 , -0.24%
  • WTI Futures $34.04 , -$0.36 , -1.05%
  • Copper Futures ¥36,330 , ¥610 1.71%
  • Iron Ore Futures ¥382.00 , ¥7.00 , 1.87%

10-Year Bond Yields

  • Australia 2.479%
  • New Zealand 3.045%
  • Japan 0.003%
  • Germany 0.154%
  • UK 1.412%
  • US 1.834%

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