Tokyo stocks led Asia higher while China’s Shanghai Composite breached the 3,000 level for the first time in four months as optimism over growth replaced oil price fears as the key driver of investor sentiment.
Airline stocks, recently beaten down on worries over rising fuel costs, staged a bounce back as global oil prices dipped, while industrial stocks also benefited from a refocus on economic fundamentals.
“The market will gradually shift away from concern about oil prices to the strong recovery in emerging economies,”?Danny Yan of Haitong International Asset Management told Bloomberg.
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