Asia-Pacific stocks rise after oil price drops overnight

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SINGAPORE — Stocks in Asia-Pacific rose Thursday morning, following an overnight rebound on Wall Street after oil prices plummeted after a recent surge.

The Nikkei 225 in Japan jumped 3.03% while the Topix index climbed 3.13%. South Korea’s Kospi also gained 2.16%.

In Australia, the S&P/ASX 200 climbed 1.08%. Shares of major miner Rio Tinto, however, fell more than 6%. The company told CNBC on Thursday that it was “in the process of terminating all business relationships it has with any Russian company.”

MSCI’s broadest Asia Pacific ex-Japan equity index traded up 0.63%.

In the U.S. overnight, the S&P 500 gained 2.57% to 4,277.88. The Dow Jones Industrial Average climbed 653.61 points, or 2%, to 33,286.25. The tech-heavy Nasdaq Composite jumped 3.59% to 13,255.55.

The gains on Wall Street came as oil prices fell sharply on Wednesday, with international Brent and U.S. crude futures falling more than 10%.

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Oil prices have surged in recent days, briefly hitting their highest levels since 2008, as Russia’s invasion of Ukraine sparked fears of supply disruptions in the commodity sector.

Currencies

the The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.968 after falling recently from around 99.

The Japanese yen was trading at 115.95 to the dollar, weaker than levels below 115.2 seen against the greenback earlier this week. The Australian dollar was at $0.731, off lows below $0.726 seen earlier in the week.

– CNBC’s Will Koulouris contributed to this report.

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