Asian stocks broadly rose on Wednesday after US Federal
Reserve chief Janet Yellen damped speculation of a rate hike before
summer, and as eurozone finance ministers backed Greek reforms critical
to avoiding a disastrous default.
The regional uptrend tracked fresh record highs on Wall Street and in Europe as investors breathed a cautious sigh of relief over the Greek package, which gives Athens a lifeline to pay its bills - for now - and sidestep an almost certain exit from the eurozone.
"The two potential international risk events for markets had positive outcomes," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
"Janet Yellen's testimony moved expectations for a rate hike out in time while the boxes were ticked to cement a four-month funding programme for Greece."
Tokyo edged up 0.14% at the open, Sydney rose 0.28%, Seoul jumped 0.74%, while Wellington rallied 1.46%.
Chinese markets also rose at the open in the first day of trade after the week-long Lunar New Year holiday.
But Shanghai quickly reversed coursed, falling 0.38%, while Hong Kong also lost opening gains as it slipped 0.08%.
Global markets zeroed in on the start of Yellen's two days of congressional testimony, where she signalled that the Fed is deep in preparation for a rate hike this year, but she hinted such a move would not come before June.
"Yellen was decidedly noncommittal to the idea of a rate hike around the middle of the year," Omer Esiner, chief market analyst at the currency brokerage Commonwealth Foreign Exchange, told Bloomberg News.
"The reaction of the market is weaker dollar, lower yields, higher equities -- the classic reaction you'd see from a slightly dovish Fed."
The regional uptrend tracked fresh record highs on Wall Street and in Europe as investors breathed a cautious sigh of relief over the Greek package, which gives Athens a lifeline to pay its bills - for now - and sidestep an almost certain exit from the eurozone.
"The two potential international risk events for markets had positive outcomes," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
"Janet Yellen's testimony moved expectations for a rate hike out in time while the boxes were ticked to cement a four-month funding programme for Greece."
Tokyo edged up 0.14% at the open, Sydney rose 0.28%, Seoul jumped 0.74%, while Wellington rallied 1.46%.Chinese markets also rose at the open in the first day of trade after the week-long Lunar New Year holiday.
But Shanghai quickly reversed coursed, falling 0.38%, while Hong Kong also lost opening gains as it slipped 0.08%.
Global markets zeroed in on the start of Yellen's two days of congressional testimony, where she signalled that the Fed is deep in preparation for a rate hike this year, but she hinted such a move would not come before June.
"Yellen was decidedly noncommittal to the idea of a rate hike around the middle of the year," Omer Esiner, chief market analyst at the currency brokerage Commonwealth Foreign Exchange, told Bloomberg News.
"The reaction of the market is weaker dollar, lower yields, higher equities -- the classic reaction you'd see from a slightly dovish Fed."
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