Asian stock markets are notably higher on Thursday on a broadly positive lead from Wall Street overnight as well as easing bond yields and surging crude oil prices. Investors are refocusing on a vaccine and stimulus-driven global economic recovery with optimism about the reopening of the economy.
The Australian stock market is higher on Thursday, recouping some of the recent losses. The benchmark S&P/ASX 200 rose above the 6,800 level as the boarder market was boosted by a rally in the materials and energy sectors. Value-oriented stocks are once again dominating as investors are refocusing on a vaccine and stimulus-driven global economic recovery.
The benchmark S&P/ASX 200 Index is advancing 64.60 points or 0.95 percent to 6,842.40, after touching a low of 6,777.80 earlier. The broader All Ordinaries Index is adding 63.10 points or 0.90 percent to 7,112.50. Australian stocks closed lower on Wednesday.
The major miners are mostly lower. Fortescue Metals is losing more than 1 percent and Rio Tinto is down nearly 3 percent, while BHP Group is lower by more than 3 percent.
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