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Asia Markets: Asian markets bounce back as oil price rise

Stock markets recovered early Tuesday, with higher oil prices and a rebound in the U.S. dollar against the yen driving gains in Australia and Japan.

Investors were also looking beyond the failure of the Trump administration to replace the Affordable Care Act, aided by improving macroeconomic data out of the U.S. and Europe.

“We are at a stage of the cycle where the economic environment is improving,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. Although U.S. interest rates are on their way up, monetary policy is still very accommodative, he said.

Australia’s S&P/ASX 200 XJO, +1.30% added 1.1%, trading close to levels last seen on March 17.

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