Beijing, China (BBN)-Asian markets headed higher on Tuesday, recovering from the previous session’s losses after commodities and shares on Wall Street rebounded.
US shares bounced back from big losses last week, when the Federal Reserve kept interest rates unchanged over worries about the global economy, reports BBC.
Oil prices fell in early trade after rising over 4 per cent overnight on declining stockpiles and drilling activity.
In Australia, the benchmark S&P/ASX 200 index was up 0.6 per cent to 5,096.20 points.
Trading is lighter than usual with the region’s biggest market, Japan, closed until Wednesday for public holidays.
Chinese shares opened higher despite local reports that a government think tank forecasts that the country’s growth will slow to 6.9 per cent this year, missing the government’s 7 per cent growth target.
The Chinese Academy of Social Sciences said in its “blue book” report that China’s financial markets needed time to develop and transform, according to the Shanghai Securities News.
The Shanghai Composite was up 0.4 per cent to 3,169.44, while Hong Kong’s Hang Seng index was higher by 0.5 per cent to 21,863.60,
Meanwhile, South Korea’s Kospi index was up 0.4 per cent to 1,973.16.