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Asia Markets: Metals help Australian stocks rebound; other Asian markets calm

Australian shares, with a lift from rebounding metals, outperformed other Asian-Pacific equities after U.S. stocks were little changed.

Australian stocks recovered some after its S&P/ASX 200 XJO, +0.58% logged its biggest drop of the year on Wednesday, when it fell 1.6%. The index was recently up 0.5% thanks to a nearly 1% increase in beaten-down iron-ore prices. Shares of miners Rio Tinto RIO, +1.60% and BHP Billiton BHP, +0.90% also rose about that much.

The overnight metals rebound led to bargain hunting in Australian stocks, said Tim Kelleher, head of institutional FX sales in New Zealand for Commonwealth Bank of Australia.

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