Asian markets gain after Wall Street snaps losing streak

Asian markets rose in early trading Thursday after Wall Street snapped a three-day losing streak.

Japan’s Nikkei 225 NIK, +0.88%  advanced 0.8% while Hong Kong’s Hang Seng index HSI, -0.63%  inched up 0.1%. The Shanghai Composite SHCOMP, -0.60%  rose 0.3% while the smaller-cap Shenzhen Composite 399106, -2.13%  fell 0.6%. South Korea’s Kospi 180721, +0.87%  gained 0.8% while benchmark indexes in Taiwan Y9999, +0.66%  and Singapore STI, -0.29%  were mixed. Indonesian stocks JAKIDX, -5.00%  tumbled 5%, while Australia’s S&P/ASX 200 XJO, +0.50%  rose 0.4%.

Traders also awaited word from the European Central Bank, which was expected later in the day to keep its monetary policy unchanged.

On Wednesday, U.S. stocks booked sharp gains after three straight days of losses. The Dow Jones Industrial Average DJIA, +1.59%  rose 439.58 points, or 1.6%, to close at 27,940.47, while the S&P 500 SPX, +2.01%  closed at 3,398.96, an increase of 67.12 points, or 2%. The Nasdaq COMP, +2.70%  jumped 293.87 points, 2.7%, to finish at 11,141.56, while booking its best daily percent gain since April 29, according to Dow Jones Market Data.

“The rebound rally might suggest that investors remain confident about the economic prospects where a virus vaccine still provides a pillar of support, albeit with some dents in the armor,” wrote Stephen Innes, chief global markets strategist at AxiCorp, in a note. “But ultimately, they remain codified around the Federal Reserve Boards’ redoubtable policy support.” 

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