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| Asian markets are higher on oil rebound and strong US lead | Asian markets are higher on oil rebound and strong US lead |
| (35 minutes later) | |
| Markets in Asia traded higher, picking up on a rebound in oil prices and a strong lead from the US and Europe. | Markets in Asia traded higher, picking up on a rebound in oil prices and a strong lead from the US and Europe. |
| The slight relief comes after days of heavy sell-offs earlier in the week. | The slight relief comes after days of heavy sell-offs earlier in the week. |
| Comments from European Central Bank chief Mario Draghi that more monetary easing was being considered also added to traders' confidence. | Comments from European Central Bank chief Mario Draghi that more monetary easing was being considered also added to traders' confidence. |
| The region's largest market, Japan's Nikkei, rose 3.2% to 16,524.91 points after hitting at 15-month low the previous day. | |
| Amid takeover reports, electronics company Sharp saw its shares rise another 7%. | Amid takeover reports, electronics company Sharp saw its shares rise another 7%. |
| Media reports that the struggling company had received takeover bids from Taiwan's Foxconn and state-backed Innovation Network had already sent the stock higher on Thursday. | Media reports that the struggling company had received takeover bids from Taiwan's Foxconn and state-backed Innovation Network had already sent the stock higher on Thursday. |
| Markets in China also managed to recover some of the past days' heavy losses. | |
| The mainland benchmark Shanghai Composite gained 0.8% to 2,901.32 points, while Hong Kong's Hang Seng rose 2.2% to 18,950.19 points. | |
| Commodity shares profit | Commodity shares profit |
| In Australia, the S&P ASX 200 rose by 1.1% to 4,917.40 points. | In Australia, the S&P ASX 200 rose by 1.1% to 4,917.40 points. |
| Among the market's standout performers were several of the big oil and commodity companies, buoyed by a rise in the oil price. | Among the market's standout performers were several of the big oil and commodity companies, buoyed by a rise in the oil price. |
| BHP Billiton and Rio Tinto were 6.3% and 2% up respectively, while Santos climbed just under 10%. | BHP Billiton and Rio Tinto were 6.3% and 2% up respectively, while Santos climbed just under 10%. |
| Stocks of winemaker Treasury Wine Estates also stood out, jumping as much as 12.5% to a record high after the company provided strong full-year profits guidance in a market update. | Stocks of winemaker Treasury Wine Estates also stood out, jumping as much as 12.5% to a record high after the company provided strong full-year profits guidance in a market update. |
| In South Korea, the benchmark Kospi index followed the region's trend, gaining 1.8% to 1,873.11 points. | |
| Draghi reassures markets | Draghi reassures markets |
| In London, Paris and Frankfurt, markets closed almost 2% higher, while Wall Street finished up as oil prices had their biggest one-day gain this year. | In London, Paris and Frankfurt, markets closed almost 2% higher, while Wall Street finished up as oil prices had their biggest one-day gain this year. |
| Confidence was also boosted by Mr Draghi, promising more monetary easing to steady the eurozone if necessary. | Confidence was also boosted by Mr Draghi, promising more monetary easing to steady the eurozone if necessary. |
| He said eurozone rates would "stay at present or lower levels for an extended period" and there would be "no limits" to action to reflate the eurozone. | He said eurozone rates would "stay at present or lower levels for an extended period" and there would be "no limits" to action to reflate the eurozone. |
| His reassurance helped to offset fears about the low oil price and worries about global growth. | His reassurance helped to offset fears about the low oil price and worries about global growth. |
| Oil rebound | Oil rebound |
| The oil price recovered during US trading, although it remains at around 12-year lows. | The oil price recovered during US trading, although it remains at around 12-year lows. |
| Oil prices have been falling since mid 2014, as oil-producing countries have maintained their high output output levels despite the decline in revenue. | Oil prices have been falling since mid 2014, as oil-producing countries have maintained their high output output levels despite the decline in revenue. |
| Pointing at the excess supplies on the market, the the International Energy Agency earlier this week warned that oil markets could "drown in oversupply" in 2016. | Pointing at the excess supplies on the market, the the International Energy Agency earlier this week warned that oil markets could "drown in oversupply" in 2016. |
| Many analysts have slashed their 2016 oil price forecasts, with Morgan Stanley analysts saying that "oil in the $20s is possible." | Many analysts have slashed their 2016 oil price forecasts, with Morgan Stanley analysts saying that "oil in the $20s is possible." |
| Economists at the Royal Bank of Scotland say that oil could fall to $16, while Standard Chartered predicts that prices could hit just $10 a barrel. | Economists at the Royal Bank of Scotland say that oil could fall to $16, while Standard Chartered predicts that prices could hit just $10 a barrel. |