Asian stocks closed mostly higher on Wednesday after U.S. equities posted strong gains on Tuesday.
“Asian markets have had limited news flow to deal with today,” Chris Weston, chief market strategist at spreadbetter IG told CNBC. “The bold moves [today] are a reflection of the belief that the global economy is actually not so shabby.”
Hong Kong’s Hang Seng index surged higher by 2.71 percent, India’s Mumbai Sensex index gained 2.28 percent, Japan’s Nikkei gained 1.57 percent, Australia’s ASX index gained 1.40 percent and Taiwan’s TSEC index gained 1.15 percent.
China’s Shanghai Composite index gave up early morning gains and closed lower by 0.23 percent.
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European stocks were also mostly higher with more than four hours of trading remaining.
Greece struck a deal with eurozone finance ministers and the International Monetary Fund in which the country will receive 10.3 billion euros in new loans, beginning with a 7.5-billion-euro installment as soon as the bottom half of June.
The Athens Stock Exchange General Index was trading higher by 0.74 percent, but still lagged the major indices. Germany’s DAX index gained 1.22 percent, France’s CAC index gained 0.99 percent and the UK’s FTSE index was higher by 0.62 percent.
Oil prices jumped higher as well Wednesday morning after the U.S. government’s data pointed to a sharp fall in oil inventories.
Brent crude futures and U.S. WTI crude futures each gained more than $0.50 to trade at $49.19 and $49.18 a barrel, respectively.
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