Asia Stocks Edge Higher as Oil Bounces Back and U.S. Plans to Reopen Businesses Soon

Stocks in Asia traded higher on Thursday, April 23, 2020, as oil bounced back while Wall Street and European stocks closed in positive territories.

 

Nikkei hiked 1.10%, SSEC edged 0.07% higher, HSI rose 0.56%, ASX 200 surged 0.76% and Kospi advanced 0.96%.

Dow Jones closed 456.94 points higher or 1.99% to 23,475.82 points. S&P 500 rose 2.29% and Nasdaq jumped 2.81%.

 

Overnight, international benchmark Brent crude futures jumped 2.9% to settle at $20.96/bbl, while U.S. WTI crude for June contract hiked 6.1% to settle at $14.62/bbl. The rebound in oil prices gave some edges of positive sentiment to investors.

Moreover, the U.S. is hoping to open some businesses in early May for some states after President Donald Trump said the coronavirus has passed its peak. The Trump administration is also planning to reopen national parks and other public lands in line with coronavirus guidelines.