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| Asian markets boosted by oil price rally | Asian markets boosted by oil price rally |
| (about 2 hours later) | |
| Asian markets are mostly rising after US crude prices climbed for a fourth straight day, raising hopes the oil price crash may be nearing an end. | Asian markets are mostly rising after US crude prices climbed for a fourth straight day, raising hopes the oil price crash may be nearing an end. |
| Brent crude gained nearly 6% in New York to settle at $57.91 per barrel, its highest level this year. | Brent crude gained nearly 6% in New York to settle at $57.91 per barrel, its highest level this year. |
| Japan's Nikkei 225 and the broader Topix both rose more than 2% while South Korea's Kospi rose 0.7%. | |
| Australia's S&P/ASX 200 gained 1% due to a jump in energy shares and optimism from yesterday's interest rate cut. | |
| However, some analysts warned that the oil rally does not "spell an all-clear". | However, some analysts warned that the oil rally does not "spell an all-clear". |
| "Oil prices have shown unusually sharp swings over the last few months, which are typical of markets trying to find a new equilibrium," Chang Weiliang from Mizuho wrote in a report. | "Oil prices have shown unusually sharp swings over the last few months, which are typical of markets trying to find a new equilibrium," Chang Weiliang from Mizuho wrote in a report. |
| "For one, US shale producers remain a game-changer, with their flexibility to add or cut operating oil rigs likely to keep the longer-term volatility of oil under wraps." | "For one, US shale producers remain a game-changer, with their flexibility to add or cut operating oil rigs likely to keep the longer-term volatility of oil under wraps." |
| Investors will also be watching for major earnings from Japan this week, including Toyota Motors, Yahoo Japan and Mitsubishi. | Investors will also be watching for major earnings from Japan this week, including Toyota Motors, Yahoo Japan and Mitsubishi. |
| Trading update | |
| In China, stocks also rose despite data showing the mainland's services sector grew at its slowest pace in six months in January. | |
| China's purchasing managers' index for the services sector slowed to 51.8 last month from 53.4 in December, according to a private survey by HSBC. | |
| Any level above 50 reflects expansion while any figure below indicates a contraction. | |
| Hong Kong's Hang Seng index rose 0.8% and the Shanghai Composite was up 0.3% at midday trade. | |
| Taiwan's stock exchange also announced it is widening the daily stock trading limit to 10% from 7% starting from 3 August. | |
| The country's Financial Supervisory Commission said the changes are aimed at attracting more investors and market liquidity. | |
| The benchmark Taiex Index rose 0.7% on Wednesday. |