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Japan's shares surge more than 3% in early trade Japan's shares in biggest one-day jump since 2008
(about 5 hours later)
Japan's Nikkei surged by more than 3% on opening on Wednesday after the index saw all the gains made this year wiped out on Tuesday. Japan's Nikkei surged almost 8% on Wednesday in its biggest one-day jump since late 2008.
The benchmark was up 4.56% at 18,221.28 points in mid morning trade after finishing the day down 2.43%. The benchmark index closed up 7.71% at 18,770.51 points. A day earlier, the index saw all the gains it had made this year wiped out.
Investor sentiment was up across Asia after markets in China and the US finished in positive territory. Remarks by newly re-elected prime minister Abe suggesting company tax cuts were on the way helped the mood.
Also positive were Tuesday's rebound for US shares and an improving Chinese share market.
Investor sentiment was up across the rest of Asia.
Tuesday's weak economic data from China has also raised hopes of more stimulus for that economy and its markets.Tuesday's weak economic data from China has also raised hopes of more stimulus for that economy and its markets.
On mainland China, the Shanghai Composite was up 0.56% at 3,190.35 points - after finishing the day up up 2.9% - while Hong Kong's Hang Seng benchmark was up 2.05% at 21,696.51. On mainland China, the Shanghai Composite was up 1.2% at 3,208.51 points in late afternoon trade - while Hong Kong's Hang Seng benchmark was up 2.75% at 21,845.06.
In Australia, the S&P/ASX 200 was up 1.09% at 5,170.90 points, taking its lead from US markets. In Australia, the S&P/ASX 200 closed up 2.07% at 5,221.10, taking its lead from US markets.
Analysts said resource and commodity stocks would also likely continue to buoy the Australian index on Wednesday. Analysts said resource and commodity shares, together with some of the big bank stocks, had buoyed the Australian index.
South Korea's Kospi benchmark index was also in positive territory in early trade, up 1.78% at 1,912.14 points. Official data released on Tuesday showed the country's latest unemployment figures for August sitting at their lowest since January this year. Numbers out on Wednesday showed consumer confidence slid in September which led to revived hopes of another rate cut by the Reserve Bank of Australia.
South Korea's Kospi benchmark index also closed up 2.96% at 1,934.20 points. Official data released on Wednesday showed the country's latest unemployment figures for August sitting at their lowest since January this year.
'Sea of green''Sea of green'
Chris Weston from IG Markets said it would be a good news day for markets and that there was a "sea of green on screen in risk associated assets".Chris Weston from IG Markets said it would be a good news day for markets and that there was a "sea of green on screen in risk associated assets".
"This pick-up in sentiment once again started from a nice move higher in S&P futures during Asia, helped on by some really bullish flow in the Chinese markets," he said in a note."This pick-up in sentiment once again started from a nice move higher in S&P futures during Asia, helped on by some really bullish flow in the Chinese markets," he said in a note.
"Specifically, the H-shares (Chinese dual-listed companies trading in Hong Kong) had its best day [on Tuesday] in months," he added."Specifically, the H-shares (Chinese dual-listed companies trading in Hong Kong) had its best day [on Tuesday] in months," he added.
"In the Chinese mainland, there has been some focus on headlines on a 50% reduction in personal income tax dividends for larger shareholders, with the idea being to move the market away from short-term and focus on the longer-term.""In the Chinese mainland, there has been some focus on headlines on a 50% reduction in personal income tax dividends for larger shareholders, with the idea being to move the market away from short-term and focus on the longer-term."