Shares in the Asian markets edged higher Wednesday following the overnight surge in U.S. stocks. Investors were buoyed by robust corporate earnings and the prospect of a resumption of Russian gas exports to Europe, both of which have helped ease recession fears.
As of 9.32 hrs. local time in Thailand, the Nikkei 225 in Japan rose 2.33% and the Hang Seng index in Hong Kong rose 1.85%.
South Korea’s Kospi advanced 0.83%, while the S&P/ASX 200 in Australia was 1.69% higher.
Mainland China markets, also, saw a gain, with the Shanghai Composite picking up 0.59%.
U.S. stocks closed with sharp gains on Tuesday as more businesses joined big banks in posting earnings that beat predictions, bringing investors relief from inflationary pressures and Fed rate hikes, according to Reuters.
The Dow Jones Industrial Average climbed 754.44 points, or 2.43%, to 31,827.05. The S&P 500 jumped 2.76% to 3,936.69 and the Nasdaq Composite advanced 3.11% to 11,713.15.
Reuters reported that Russian gas exports via the Nord Stream 1 pipeline are expected to resume on Thursday after scheduled maintenance is completed, easing investors’ concerns about gas supply to Europe.