Hong Kong stocks jumped more than 7% as Chinese state media reported COVID measures for travel will be eased. Shares in the Asia-Pacific also rose after the release of U.S. inflation data in October raised investor hopes that inflation has peaked.
In Japan, the Nikkei 225 rocketed 547.14 points, or 2%, to 28,263.57.
Softbank Group posted a quarterly net profit of 3.03 trillion yen ($21.4b U.S.) for its second quarter ending on September 30, beating Refinitiv estimates forecasting a 2.77-trillion-yen net profit.
The company saw two consecutive periods of quarterly losses.
The yen stood at 141.63 against the greenback, hovering around the strongest levels it’s seen in two months before weakening past 150 in October.
In Hong Kong, the Hang Seng surged 1,244.62 points, or 7.7%, to 17,325.66.
Travel-related stocks listed in Hong Kong jumped shortly after Chinese state media reported the easing of its stringent COVID measures.
Shares of Cathay Pacific jumped almost 3%, Air China rose more than 2%, China Eastern Airlines rose 6% shortly after the announcement. China Southern Airlines also gained more than 3%.
Casino operators MGM China rose 8.41%, Wynn Macao rose 8.14%, Sands China jumped more than 11% and Galaxy Entertainment rose 7.57%.
Goldman Sachs in a note had previously forecasted greater China markets to see a 20% stock rally upon a full reopening.
CHINA
In Shanghai, the CSI 300 recovered 102.75 points, or 2.8%, to 3,788.44.
The Chinese yuan marked its strongest levels in more than a month after China announced some easing of its COVID measures.
The onshore Chinese yuan last traded at 7.0949 against the U.S. dollar, the strongest levels the currency has seen since late September.
In other markets
In Taiwan, the Taiex jumped 503.8 points, or 3.7%, to 14,007.56.
In Korea, the Kospi index regained 80.93 points, or 3.4%, to 2,483.16.
In Singapore, the Straits Times Index added 55.15 points, or 1.7%, to 3,228.33.
In Australia, the ASX 200 hiked 193.94 points, or 2.8%, to 7,157.95.
In New Zealand, the NZX 50 sprinted 168.28 points, or 1.5%, to 11,311.76.
