Alexa

Asian markets solidly higher

Asian markets solidly higher

Asian stock markets were firmly higher yesterday following a rally on Wall Street overnight, with the mood rebounding despite another round of gloomy economic data.
But analysts warned the momentum might not last as fresh numbers pointed to the continuing effects of the global slowdown, which has battered Asia's export-dependent economies.
Japan core machinery orders fell in January for a fourth straight month, the longest consecutive downturn on record, while China said exports were down more than 25 percent year-on-year in February - a worse-than-expected decline.
"Rallies in equity markets overnight are being extended in Asia and are a valid reason for investor cheer when good news has been hard to come by of late," said Societe Generale strategist Patrick Bennett.
"(Still), we don't believe the last couple of sessions will have marked a turning point. The global economy is far from out of the woods."
After a tough start to the week that saw new 26-year lows, Japan's Nikkei-225 index bounced back to finish the day up 4.55 percent.
Seoul rallied 3.23 percent, Sydney gained 1.88 percent and Taipei was up 1.9 percent by the close, while Hong Kong was 1.91 percent higher in the afternoon. Other regional markets were also on positive ground.