Asian stocks are attempting to rally but it's not all that convincing

William West/AFP/Getty Images

It’s been a wild start to the week for stocks around the world, including in Asia.

However, after heavy losses on Monday and Tuesday, most markets across the region are charging higher today, taking their lead from a late surge higher on Wall Street.

Here’s the scoreboard as at 2pm in Sydney.

Australia ASX 200 5894.40 , 1.05%
NZ NZX 50 8194.06 , -0.58%
Japan TOPIX 1797.15 , 3.08%
Shanghai Comp 3344.03 , -0.79%
Shenzhen Comp 1725.07 , -0.06%
HK Hang Seng 31189.57 , 1.94%
Sth Korea KOSPI 2439.43 , -0.57%
Sinagpore STI 3428.70 , 0.66%
Taiwan TAIEX 10653.72 , 2.40%
Philippines PSI 8632.96 , 0.97%
Indonesia JKSE 6580.56 , 1.57%
Malaysia KLCI Index 1837.81 , 1.40%
Thailand SET 1803.63 , 0.85%
S&P 500 Futures 2681.75 , -0.46%

The gains are being led by stocks in Japan, Taiwan and Hong Kong, among the hardest hit during Tuesday’s wild selloff.

Stocks in Australia, Indonesia, the Philippines and Malaysia are also higher by 1% or more.

However, the buying frenzy has not extended to all markets with stocks in New Zealand, China and South Korea currently trading lower.

US S&P 500 futures are down %, indicating that stocks may slip at the start of trade having rallied 1.75% on Tuesday.

We’ll see if that remains the case when European markets open having closed sharply lower on Tuesday before the late rally on Wall Street.

In bond markets, benchmark 10-year yields are higher in the US, Japan and Australia, although the moves are small in comparison to those being seen in stocks.

United States 2.787% , 0.020%
Japan 0.075% , 0.002%
Australia 2.856% , 0.055%

As was the case earlier in the week, volatility in other assets classes is nowhere near the extremes being seen in equities.

In currency markets, commodity currencies such as the Canadian, Australian and New Zealand dollar’s are all down against the greenback, euro and yen, though the moves are small compared to those seen in recent sessions.

AUD/USD 0.7886 , -0.24%
NZD/USD 0.7315 , -0.34%
USD/JPY 109.28 , -0.25%
USD/CNY 6.2520 , -0.49%
USD/CNH 6.2587 , -0.35%
USD/HKD 7.8183 , 0.00%
USD/KRW 1084 , 0.44%
USD/SGD 1.3173 , -0.11%
USD/TWD 29.23 , 0.07%
USD/PHP 51.21 , -0.37%
USD/MYR 3.903 , -0.27%
USD/IDR 13530 , -0.15%
USD/THB 31.42 , -0.29%
USD/INR 64.20 , -0.03%
US Dollar Index 89.65 , 0.07%

Finally, commodity markets are largely trading firmer with Brent crude, gold and silver up 0.8%, 0.4% and 0.8% respectively.

Brent Crude $67.39 , 0.79%
Gold $1,330.48 , 0.42%
Silver $16.77 , 0.77%

For the moment, the markets are calm.

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