Asian stocks hit record highs following a rally on Wall Street

Getty/Mike Powell

Share markets across Asia were ripping higher, following record highs on Wall Street overnight.

Japan’s Nikkei index was above 20,000 for the first time in 18 months. A short time ago the index was up by 1.77%, benefiting from a weaker yen after the US dollar rose against all of the major currencies overnight.

Japanese stocks generally move inversely to the yen as many of its major industries rely on strong export trade.

The Kospi index in South Korea is also trading at record highs, up 0.9% after GDP growth beat expectations with a yearly gain of 2.9%.

Continuing the steady gains across Asia, India’s BSE Sensex index is also up for the day at a record high. Indian stocks have now climbed by more than 17% since the start of the year.

Aussie stocks were threatening to break back above 5800 on the ASX200 in afternoon trade, up 0.85% a short time ago led by gains in the two largest sectors — banks and miners.

It will mark two straight days of gains in June after the index had a rough time in May, falling by 3.37%.

The gains in Asia follow a strong lead from the US, where stocks rose after a boost in private payrolls laid the groundwork for a good employment report later tonight.

Overnight the S&P500 rose by 0.76% to a new high of 2,430 amid record low volatility. The CMBE Volatility fell by 5% back below a reading of 10, which is the lowest level in over 20 years.

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