Asian stocks rush higher as confidence rebounds

Asian markets rocketed higher in early-morning trade on Wednesday, with a strong lead from Wall Street, a weaker yen, and waning concerns over China helping to restore investor confidence.

Fears over China that have been crippling markets in recent weeks appeared to wane on Tuesday, even after China reported another sharp drop in exports, after Chinese markets closed higher yesterday, helping equities around the globe enjoy strong gains.

Hong Kong's benchmark Hang Seng index jolted up 1.72% to 21,621.29 points at the opening bell, and mainland China's benchmark Shanghai Composite grew 0.35% to 3,181.43 points at the same time.

Japan's benchmark Nikkei 225 index rocketed up 4.25% to 18,167.33 points within the first hour of trade, the sharpest gain since the Bank of Japan unexpectedly expanded its monetary easing program in October, while Tokyo's broader Topix gauge jumped 3.83% to 1,471.00 points.

Korea's benchmark Kospi index jumped 1.73% to 1,911.22 points this morning in Seoul.

The benchmark Australian S&P/ASX 200 index rallied 1.35% to 5,184.20 points in Sydney, with resource stocks and financials charging ahead as risk sentiment returned to markets overnight.

New Zealand's benchmark S&P/NZX 50 index climbed 0.71% to 5,650.42 points this afternoon in Wellington.