Asian equity benchmarks are trading up in the early deals on Wednesday, tracking the positive lead overnight from Wall Street and European markets. Upbeat US economic data and the gain in crude oil prices have eased worries about a global economic slowdown and boosted risk appetite. The strongest signs of health in the US economy came in the form of data showing that US manufacturing appeared to stabilize in February while US auto sales climbed and US construction spending rose to more than an eight-year high in January. Expectations of fresh stimulus from central banks have also lifted investor sentiment.
Nikkei 225 surged 701.80 points or 4.36% to 16,787.31, Hang Seng strengthen 501.70 points or 2.59% to 19,909.16, FTSE Bursa Malaysia KLCI gained 11.56 points or 0.69% to 1,682.38, KOSPI Index added 31.07 points or 1.62% to 1,947.73, Shanghai Composite jumped 61.42 points or 2.25% to 2,794.59, Taiwan Weighted increased 75.10 points or 0.89% to 8,560.79, Jakarta Composite spurt 46.29 points or 0.97% to 4,826.28, and Straits Times was up by 43.66 points or 1.63% to 2,726.05.