Japan's benchmark index rose more than 1% on Thursday as regional manufacturing surveys led by China beat expectations and on upbeat views a day after the Organization of the Petroleum Exporting Countries reached its first deal since 2008 to cut oil production.
In Japan, the Nikkei 225 Index strode forward 204.64 points, or 1.1%, to 18.513.12, led by energy stocks such as Inpex, which was up 10% and Japan Petroleum Exploration, which jumped 12.2%. A weaker yen helped as well. The yen traded around 114.12 against the U.S. dollar as of mid-afternoon Thursday compared to levels as low as 112 earlier this week.
The Hang Seng Index in Hong Kong gained 88.46 points, or 0.4%, to 22,878.23
Australian markets regained strength, led by strong gains in its energy sub-index, which was up 7.2% and its materials sub-index, which gained 2.9%
Official statistics showed the Australia's business investment fell by 4% in the third-quarter, a steeper fall than analysts forecast of a 2.5% decline. The fall in investments will likely impact the third-quarter gross domestic product due Dec. 7.
Korean markets were flat, Statistics Korea data showed November consumer price index (CPI) rose 1.3% in year-on-year, missing a survey expecting a 1.5% increase in consumer prices. The Bank of Korea's inflation target stands at 2% which leaves room for it to ease policy further.
South Korea also announced its November trade figures, which showed that exports rose 2.7% year-on-year, compared to an economist poll estimating exports would rise by just 1.2%. Imports jumped 10.1% from the previous year, beating forecasts of a 2.9% increase.
OPEC surprised the markets on Wednesday with an agreement to cut oil production by 1.2 million barrels a day, in an effort to support oil prices.
Major oil companies in the region also received a leg-up from the OPEC deal. Australia's Santos was up 11.7% at A$4.39 per share, while Oil Search gained 9.2% at A$7.04.
CHINA
The CSI 300 in Shanghai regained 27.04 points, or 0.8%, to 3,565.04
China's official manufacturing Purchasing Managers' index (PMI) was up at 51.7, versus an economist poll of 51.0.
Meanwhile, China's Caixin/Markit Manufacturing PMI dipped to 50.9, lower than 51.2 in October, but better than analysts expected. As well, Japan's manufacturing PMI for November came in at 51.3, a bit better than the 51.1 expected.
PMIs are indicators of the economic health of the manufacturing sector, and a reading under 50 represents a contraction, while a reading above 50 indicates expansion.
China's PetroChina was up 2% to 7.77 yuan and Sinopec jumped 2.9% to 5.27 yuan
In other markets
In Korea, the Kospi eked up 0.27 points at 1,983.75
The Straits Times Index in Singapore added 23.41 points, or 0.8%, to 2,928.58
In Taiwan, the Taiex Index moved up 22.82 points, or 0.3%, to 9,263.53
The NZX 50 restored 35.79 points, or 0.5%, at 6,932.74
Australia's ASX 200 recovered 59.77 points, or 1.1%, at 5,500.24
