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- Asia markets extend gains. Major indexes trading higher
Asia markets extend gains. Major indexes trading higher
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Loading...Asian markets traded in positive territory on Monday, and continuing to recover from the global rout since the beginning of the year.
Australia's ASX 200 rose 1.28%. In Japan, the Nikkei 225 gained 0.46%. Chinese markets also opened in positive territory, with the main Shanghai composite up 0.78% and the Shenzhen composite trading up 1.11%. Away from the mainland, Hong Kong's Hang Seng index gained 1.50 percent.
While market watchers will be looking to see if this rally lasts, given the general volatility that has been present in equity markets this year, some analysts believe it will be a good run for Asian stocks today.
"Markets look set for a solid day in Asia after the ECB-fueled two-day rally last week," said Angus Nicholson, market analyst at spreadbetter IG, in his morning note. "Speculation around further easing by the Bank of Japan at their meeting this week is likely to see further gains in the Nikkei."
Also aiding the upward move for markets are the gains made in oil prices. Last week, oil prices halted the nearly 17 percent drop in January. Some of the gains came from temporary demand for heating oil due to the cold snap hitting the United States.
Oil stocks around the region traded mostly higher.
But fundamentals continue to point to an oversupplied oil market, and generally warmer winters have weighed heavily on demand more broadly.
Last week Wall Street saw its first week of gains so far this year, U.S. stocks were still sharply lower year-to-date.
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