Beijing, China (BBN)-Shares across Asia have moved higher, buoyed by a strong lead from Wall Street and upbeat Australian growth data.
With Australia’s fourth quarter growth beating expectations, the ASX/200 rose by 1.7 per cent to 5,003.80 points, reports BBC.
The country’s economy grew by 3 per cent in the three months to December compared to a year earlier.
Shares of commodity giants Rio Tinto and BHP Billiton rose by 4 per cent and 2.6 per cent respectively.
Earlier, US markets were pushed higher by a rise in oil prices and strong construction and manufacturing data that indicated the country’s economy is still growing.
The strong lead from the US also lifted Japan higher.
Tokyo’s Nikkei 225 index rose by 2.9 per cent to 16,547.52 points.
MOODY’S CUTS CHINA OUTLOOK
In Hong Kong, the Hang Seng index traded 2.3 per cent higher at 19,875.38, extending the global rally as investor sentiment brightened on the improved US economic data.
China’s mainland benchmark Shanghai Composite failed to pick up the positive trend, remaining flat at 2,734.39 points.
Investor sentiment was hit by US ratings agency Moody’s decision to cut its outlook for China from stable to negative.
South Korea’s benchmark Kospi index traded 1.5 per cent higher at 1,945.52 points.
Car makers Hyundai and Kia also rose, boosted by strong sales figures from the US.
Joint sales figures of the affiliated car markers rose by 6.4% in the US in February.