Japanese stocks jumped for the first time in three days after the yen weakened and global equities rallied following a rebound in oil prices and as investors await the first U.S. interest-rate increase in almost a decade.
The Topix index added 1.6 percent to 1,527.11 as of 9:02 a.m., after closing Tuesday at the lowest level in about two months. All of its 33 industry groups rose, led by metal makers and energy explorers. The Nikkei 225 Stock Average rose 1.8 percent to 18,896.41. The yen traded at 121.75 per dollar after slipping 0.5 percent on Tuesday, boosting the outlook for export earnings.
E-mini futures on the Standard & Poor’s 500 Index were little changed after the underlying measure climbed 1.1 percent on Tuesday, capping its first back-to-back gains in more than a month as energy companies led a rally with crude oil. West Texas Intermediate rose 2.9 percent, adding to Monday’s 1.9 percent gain.
Financial shares increased in New York as concern over turmoil in high-yield bonds abated, and banks rallied on the eve of what most believe will be the end of the Fed’s zero interest rate policy. The Stoxx Europe 600 Index surged 2.9 percent, the most in 10 weeks.
Source : Bloomberg