Australian shares rose more than 2% on Thursday, tracking gains on Wall Street as hopes that the new coronavirus pandemic is peaking in the United States bolstered sentiment, while a jump in crude oil prices lifted energy stocks.
The S&P/ASX 200 index <.AXJO> added 2.2% to 5,320.1 by 0010 GMT after a 0.9% drop on Wednesday. For the week, it was up more than 4%.
Overnight, all three major U.S. indexes <.DJI> <.SPX> <.IXIC> climbed between 2.6% and 3.4% on hopes that the outbreak in the United States was nearing a peak. [.N]
In New York, new hospitalisations fell to 586 on Tuesday, down from 656 a day earlier, while other data suggested the state was "bending the curve" and gaining some control over the rate of infections, Governor Andrew Cuomo said.
"Signs that the number of new daily coronavirus cases is plateauing are driving expectations that social distancing measures will be lifted soon in parts of the world," Stephen Innes, chief market strategist at AxiCorp, said in a note.
"Relaxing social distancing is the new 'risk-on' barometer."
In Australia, energy stocks <.AXEJ> were the top gainers, rising 3.8%, as U.S. crude futures jumped nearly 6% on expectations that top oil producers would agree on production cuts at a meeting later in the day. [O/R]
Woodside Petroleum <WPL.AX> advanced 3.6%, while Santos <STO.AX> climbed 4.5% to its highest in nearly a month.
Heavyweight financials <.AXFJ> gained 2.6%, with all the "Big Four" banks trading in positive territory. Top lender Commonwealth Bank of Australia <CBA.AX> and peer Westpac Banking Corp <WBC.AX> gained up to 3% each.
Among miners <.AXMM>, Fortescue Metals Group <FMG.AX> rose 2.5%, while Rio Tinto <RIO.AX> ticked up 1.6%, a day after it said it would go ahead with its $3.7 billion dividend payment plan this month.
Healthcare stocks <.AXHJ> added 3.3%, with biotech firm CSL Ltd <CSL.AX> jumping 4.4% after the company reaffirmed its profit forecast for 2020.
In New Zealand, the benchmark S&P/NZX 50 index <.NZ50> rose as much as 0.9% to 10,120.89.
Banks and utilities were among the top gainers, with Westpac Banking Corp's <WBC.NZ> local unit and electricity generator Contact Energy <CEN.NZ> rising 2.6% each.
Financial markets in Australia and New Zealand will be closed for holidays on Friday and Monday, and will resume trading on Tuesday, April 14.
(Reporting by Sameer Manekar in Bengaluru; Editing by Subhranshu Sahu)
