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Asia-Pacific stocks rise following overnight oil price decline

SINGAPORE – Shares in Asia-Pacific rose in Thursday morning trade, following an overnight bounce on Wall Street after oil prices fell sharply from a recent surge.

The Nikkei 225 in Japan jumped 3.34% while the Topix index climbed 3.46%.

The Hang Seng index in Hong Kong advanced 1.26%. Shares of Chinese electric vehicle maker Nio started trading in Hong Kong on Thursday, in what is the firm’s secondary listing. The shares were last up 5.65% from their issue price.

Mainland Chinese stocks also rose, with the Shanghai composite gaining 1.08% while the Shenzhen component surged 2.234%.

South Korea’s Kospi also gained 2.03%, with markets returning to trade from Wednesday’s presidential election which saw conservative opposition candidate Yoon Suk-yeol emerging victorious.

In Australia, the S & P / ASX 200 climbed 1.06%. Shares of major miner Rio Tinto, however, plunged around 8%. The firm told CNBC on Thursday that it is “in the process of terminating all commercial relationships it has with any Russian business.”

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.48% higher.

Overnight stateside, the S&P 500 gained 2.57% to 4,277.88. The Dow Jones Industrial Average climbed 653.61 points, or 2%, to 33,286.25. The tech-heavy Nasdaq Composite jumped 3.59% to 13,255.55.

Those gains on Wall Street came as oil prices on Wednesday sharply declined, with both international benchmark Brent crude and US crude futures tumbling more than 10%.

Oil prices recovered from some of those losses in the morning of Asia trading hours on Thursday, with international benchmark Brent crude futures up 1.49% to $ 112.78 per barrel. US crude futures climbed 0.9% to $ 109.68 per barrel.

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Oil prices had been on a wild ride in recent days, briefly rising to their highest levels since 2008, as Russia’s ongoing invasion of Ukraine has sparked fears of supply disruptions in the commodities space.

Currencies

The US dollar index, which tracks the greenback against a basket of its peers, was at 98,167 after a recent decline from around 99.

The Japanese yen traded at 116.05 per dollar, weaker than levels below 115.2 seen against the greenback earlier this week. The Australian dollar was at $ 0.7296, still off lows below $ 0.726 seen earlier in the week.

– CNBC’s Will Koulouris contributed to this report.

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