Asian stocks recover after Italian political concerns ease

Asian stocks made moderate gains early on Thursday as global markets recovered after recent fears about Italy subsided.

Japan’s Nikkei 225 rose 0.37 percent and Australia’s S&P/ASX 200 advanced 0.44 percent. Energy sector stocks in both countries traded higher after oil’s more than 2 percent gains overnight, with the Topix oil and coal products subindex up 2.75 percent.

In South Korea, the Kospi advanced 0.62 percent in the morning.

News of a meeting between U.S. Secretary of State Mike Pompeo and North Korean official Kim Yong Chol saw some North Korea-exposed stocks rise, with Hyundai Cement up 7.28 percent.

According to CNBC, the Hong Kong’s Hang Seng Index tacked on 0.43 percent, while the Shanghai composite gained 0.61 percent following the release of better-than expected official manufacturing PMI data.

MSCI’s index of shares in Asia Pacific excluding Japan edged up by 0.51 percent in Asia morning trade.