Asian stock markets rallied again Thursday as another surge in oil prices and gains on Wall Street reinforced optimism about the world economy.
Asian shares mostly fell Wednesday, led by sharp losses in Shanghai, as oil prices took a hit from news that a crude workers strike in key producer Kuwait had finished after three days.
Tokyo led a recovery in Asian stock markets Tuesday, soaring more than three percent as dealers built on a strong lead from Wall Street and disappointment over failed oil talks gave way to hope for the global economy.
Major Asian stock benchmarks sank Monday after an effort by major oil producing nations to agree on production cuts failed over the weekend.
Asian stock markets rallied for a second straight session Thursday, tracking gains in New York where traders cheered surprisingly upbeat earnings from Wall Street titan JPMorgan Chase.
Commodity-linked currencies rose Wednesday on the back of a surge in oil prices with upbeat Chinese trade data also boosting sentiment, while the safe-haven yen slipped off 17-month highs against the U.S. dollar.
A fall in the yen pushed Japan's stock market higher Tuesday, helping it lead a broad Asia-wide advance, although analysts said worries about the world economy and earnings would temper any rally.
Growth in developing East Asia and the Pacific is expected to remain resilient despite the slowdown in China and a gloomy global outlook, the World Bank said Monday.
Japan's Nikkei led most Asian stock markets lower Monday as the yen resumed its march against the dollar and investors nervous about the stuttering global economy tentatively await the start of corporate earnings season.
Most Asian markets edged up Wednesday but early gains from an oil rally tapered off, with worries about the global economy and the upcoming earnings season keeping traders on edge.