During trading early on Tuesday, shares of Asian companies soared as there were renewed hopes that China will launch additional measures to support its massive economy.
Investors were also in their most upbeat moods, fueled by a Wall Street rally.
The Hang Seng Index of Hong Kong increased by 0.3 percent to 24,935.47, while the Shanghai Composite Index of China also increased by 0.8 percent to 3,816.54.
The Nikkei Index of Japan, meanwhile, also increased by 0.3 percent to 19,476.42 over the early trading hours, with the Kospi Index of South Korea also increasing by 0.5 percent to 2,039.44.
Additionally, several other markets within the region also saw increases, including the indexes of the countries of Indonesia, Malaysia, the Philippines, Singapore and Taiwan.
Over at Wall Street, the Dow Jones Index increased by 1.5 percent, equivalent to 263.65 points, to 17,976.31, while the Standard & Poor's 500 Index increased by 1.2 percent, equivalent to 25.22 points, to 2,086.24. The Nasdaq composite likewise increased by 1.2 percent, equivalent to 56.22 points, to 4,974.44.
All over the globe, markets have been receiving positive data, including within the United States, Europe and China. Generally good earnings reports for companies are also being expected.
A survey by the European Commission revealed that the prevailing economic sentiment is at its highest level since July of 2011, with consumer spending in the United States increasing for the month of February after two straight declines for the previous months and the incomes of consumers increasing by a significant 4.0 percent.
Within China, there is a growing hope for additional stimulus to the country's economy. People's Bank of China governor Zhou Xiaochuan revealed earlier this week that the second-biggest economy in the world has slowed down too fast, which could signal the impending release of additional measures by the government to support the Chinese markets.
Evan Lucas, IG market strategist in Melbourne, indicated that several strong moves can be expected within Asia due to it being the last day for the first quarter.
"China will be a major mover of Asian markets today. The changes in policy yesterday may now need to be factored into the macro strategy," Lucas added.
In the energy sector, prices of United States oil decreased by 74 cents to $47.94 per barrel. Brent crude, which is mostly used as a benchmark by many kinds of oil internationally imported by refineries in the United States, also decreased its price by 48 cents, down to $55.81 per barrel.
Photo: Stéfan | Flickr
