Tokyo, Japan (BBN)-Australian shares are off to a positive start on Thursday, boosted by a commodities-led rally in US stocks overnight.
The benchmark S&P/ASX 200 is up by a little over 1 per cent and hovering around 5,200 points, reports BBC.
If the gains continue, Australian shares are headed for their seventh straight day of gains.
Shares of major oil and gas producer BHP nudged up by nearly 5 per cent in early Thursday trade.
But Australia’s largest trading partner – China is missing out on the rally.
The benchmark Shanghai Composite has started the Thursday session down by 0.3 per cent at around 3,622.
In Hong Kong, the Hang Seng index is up by 0.06 per cent to 22,184.
In South Korea the benchmark Kospi is up, holding on to early morning gains, up by 0.45 per cent to 2,007 points.
Shares of Hyundai Motor are also higher, up by 0.6 per cent, on hopes that the car maker’s union will be able to reach a deal with management over pay.
Union members will reportedly cast their vote on Monday, on a 4 per cent rise in pay.
Workers have gone on partial strike since the middle of December.
Meanwhile in Japan the Nikkei 225 index returns to trade with a jump by 0.85 per cent to 19,050 points.
The market there was shut on Wednesday for a public holiday.
The Bank of Japan has released the minutes from its November meeting on monetary policy.
The minutes showed that policymakers at the central bank are confident the Japanese economy has continued to “recover moderately, although exports and production have been affected by the slowdown in emerging economies”.
Overnight in the US, stocks rallied on Wall Street, led by energy stocks. A rebound in oil prices led to renewed appetite for shares of oil and gas companies.
The oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020.
Prices are currently around $37 a barrel due to oversupply and slowing demand.
Elsewhere in Asia, financial markets in Manila, Jakarta and Kuala Lumpur in Malaysia are closed on Thursday for public holidays.