Asian Stock Market: Trades higher amid risk-on sentiment

• Asian stocks trade higher on Wednesday after the previous session’s solid gains.
• Commodity prices rebound stabilize after a recent upswing.
• US Dollar Index stays strong above 93.00 despite the delay in Fed’s taper talk.

Most of the Asia-pacific stocks trade higher on Wednesday following a round of gains on Wall Street.

Investors remained optimistic on positive COVID-19 vaccine news and easing worries over Fed’s tapering on stimulus.

MSCI’s broadest index of Asia-pacific shares outside Japan gained 0.44%.

The Shanghai Composite Index rose 0.1%, hovering around a nearly 1-week high at 3,517. CNN reported that China could become the world’s first country to control a Delta outbreak with its strict approach, as no new locally transmitted cases were reported.

Japan’s Nikkei 225 gained 0.4%, rising for the third time in a row. Sentiment boosted after Bank of Japan board member Toyoaki Nakamura said that the Japanese economy headed toward recovery on solid global demand.

Hong Kong’s Hang Seng Index climbed 1% at the time of opening but retreated as the timing progressed.

The ASX 200 rose 0.3% on global risk-on sentiment despite the worsening COVID-19 situation in the home country.

The US Dollar Index (DXY) trades higher above 93.00 after initial hiccups.