Asian markets rose Wednesday, with China leading advances after a strong finish on Wall Street overnight.
The Nikkei 225 vaulted 661.04 points, or 4.1%, to 16,746.55, a three-week high
In Hong Kong, the Hang Seng index leaped 596.03 points, or 3.1%, to 20,003.49, a seven-week high
The yen hovered at the 114 handle against the U.S. dollar, after falling overnight. The dollar/yen pair traded at 114.37
Energy plays across the region were mostly higher, with Santos adding 5%, Woodside Petroleum up by 5.1%, Japan's Inpex gaining 3.9% and Japan Petroleum up 4.6%
Gold miners in Australia were off sharply, shedding over 3% each. Newcrest shares closing down as much as 6.2%.
Japanese export stocks finished higher, following the yen's overnight reversals. Major names such as Toyota was up 3.5%, Sony added 5.2% and Honda gained 6.3%
Down Under, economic data showed the world's 12th-largest economy expanded 3% on-year in the last three months of 2015, despite a slump in the global mining sector. The Australian dollar climbed 0.9% to 0.7237 against the U.S. dollar.
Financials stocks closed up 3%, with the so-called Big Four banks - ANZ, Commonwealth Bank of Australia, Westpac, and NAB - gaining between upwards of 4.5% at market close.
CHINA
Chinese markets also rallied, shrugging off news that ratings agency Moody's changed the country's credit rating outlook to negative
from stable.
The Shanghai CSI 300 index improved 120.64 points, or 4.1%, to 3,051.33
Chinese mainland oil stocks were also up, with Sinopec gaining 6.6%
The People's Bank of China set Wednesday's yuan mid-point rate at 6.5490 compared to Tuesday's fix at 6.5385. It was the lowest fix since Feb. 2. The U.S. dollar/yuan was flat at 6.5505 in the afternoon.
Wednesday morning, ratings agency Moody's changed its outlook on China's credit rating. In a note, Moody's said it has changed the outlook to negative from stable, "while affirming the Aa3 long-term senior unsecured debt, issuer ratings, and (P)Aa3 senior unsecured shelf rating."
In other markets;
In Korea, the Kospi index returned from holiday to gain 30.76 points, or 1.6%, to 1,947.42, closing at its highest level since the start of 2016
In Taiwan, the Taiex Index added 58.36 points, or 0.7%, to 8,544.05
In Singapore, the Straits Times Index moved higher 44.57 points, or 1.7%, to 2,726.96
The NZX 50 in New Zealand added 32.17 points, or 0.5%, to 6,313.07.
In Australia, the ASX 200 gained 98.98 points, or 2%, to 5,021.23
