Asia Markets: Commodities fuel Australia stock rally; Nikkei rises despite weak data

Asian shares were broadly higher Wednesday, with strength on Wall Street driving up Australian stocks, while equity markets in Southeast Asia were boosted by the return of some foreign funds.

Australia’s S&P/ASX 200 XJO, +1.01% was up 0.9% after a four-day weekend, led by a rally among commodities stocks. Among those, BHP Billiton BHP, +3.29% gained 3.7%, Rio Tinto RIO, +2.38% added 2.6% and Fortescue Metals FMG, +3.47% surged 3.6%.

“The further improvement in U.S. economic conditions fed buying in copper and iron ore, as well as oil prices,” said Michael McCarthy, chief market strategist at broker CMC Markets.

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