Asian stocks trading higher following Wall Street surge

Asian stocks traded higher on Wednesday, following similar surges on Wall Street.

Japan’s Nikkei 225 climbed 357.12 points or 1.82%  to 20773.79 in afternoon trade, as index heavyweight Fanuc saw its shares surge more than 2.5% on the day.

The Topix index also moved higher, gaining 1.94% in afternoon trades as all sectors posted higher moves.

South Korea’s Kospi has gained 0.21%, buoyed by advancing shares of chipmaker SK Hynix.

Mainland Chinese stocks are also trading higher in afternoon deals. The Shanghai composite is on the up, climbing 0.57%, while the Shenzhen component has added 0.37%. Similar gains are witnessed on the Shenzhen composite, which has climbed 0.46%.

In Hong Kong, the Hang Seng index is up 0.72%, with the Chinese telecoms equipment company ZTE’s Hong Kong-listed shares soaring more than 5.90% on the day.

Australia’s ASX 200 is 0.5% higher as most sectors move upside. The Australian GDP, however, grew 0.4% in the first quarter- less than the expected 0.5%.

Asian stocks are surging after Wall Street’s overnight trading saw stocks post their second-best performance for 2019. Major indexes all gained by more than 2% on Tuesday, with the DJIA up 512.40 points. The Dow moved 2.1%, as did the S&P 500 that jumped to 2,803.27 with the same percentage gains. The Nasdaq surged 2.7%.

Wall Street remained upbeat following comments by Fed Chairman Jerome Powell about the central bank being ready to help the economy. It also follows reports that Republican lawmakers want Trump to slowdown on his tariff threat to Mexico.

Beijing has also seemingly adopted an optimistic tone concerning the trade war, with officials noting on Tuesday that any tensions could be resolved via sincere talks.

Meanwhile, the U.S. dollar index, which tracks the dollar against a basket of major rival currencies, steadied at 97.058. The index had climbed above 97.2 a day earlier.

The Japanese yen exchanged at 108.07 to the dollar, having moved to levels close to 107.9.