10 Aug 2011

Better day for Asia-Pacific markets

10:24 pm on 10 August 2011

Share markets throughout the Asia-Pacific region have rebounded, revived by confidence in the United States.

Wall Street had its best day in two years after the US Federal Reserve said it will keep interest rates on hold until at least 2013.

The Dow Jones Index rose 430 points, or 4%, to close at 11,240 on Tuesday.

Better-than-expected export data out of China also lifted the mood.

In a turnaround from the sharp falls of the previous three sessions, New Zealand benchmark NZX50 index closed 2.7% up on Wednesday.

The dollar also strengthened and at 10pm on Wednesday was buying US83.7 cents.

Japan's Nikkei index rose 1%, Hong Kong's Hang Seng gained 3.6%, but South Korea's Kospi rose just 0.27% on Wednesday.

Australia's All Ordinaries index jumped 2.7%.