Japan’s benchmark Topix index rose 0.6 percent, while Hong Kong’s Hang Seng added 1.2 percent and South Korea’s Kospi rallied 2.5 percent. Oil went back above $40 for the first time in almost three months.
Kerry Craig, global market strategist at JPMorgan, told FT: “Compared to market drawdowns in past recessions, the speed and scale of this rebound is unusual.
“The difference here is huge amounts of stimulus from governments and central banks.”
In Asia, China’s CSI 300 index of Shanghai and Shenzhen-listed stocks climbed 0.5 percent.
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6.06am update: Asian stocks climb to 3-month high as recovery hopes outweigh looming risks
Asian shares vaulted to a near three-month high on Wednesday as hopes of more stimulus and further easing in social restrictions around the world outweighed caution over a host of worries from the coronavirus to growing US civil unrest.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.3 percent, extending its rally into a fifth straight day to reach a level last seen on March 9.
Japan’s Nikkei rose 1.2 percent to its highest level since late February, while mainland China’s CSI300 rose 0.4 percent to break above its May peak to a 12-week high.
E-mini futures for the US S&P 500 were up 0.2 percent in early Wednesday trade, extending the gains so far this week to 1.4 percent.