Asian markets see relief rally after softer US President's stance; Hang Seng up over 2%

Asian markets today: Asian markets saw a relief rally in early trade on Wednesday. On a positive note, the US President said that he had no plans to fire the Federal Reserve's Chairman Jerome Powell. Also, on the sidelines Trump hinted at lower tariffs for China.

Furthermore, amid easing tensions and comments from Trump, dollar index which slipped to its lowest level in three years, also climbed.

Tracking the same, the key MSCI Asia ex Japan index was sharply up by 1.62 per cent at 568.18.

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Earlier, Trump warned that the US would slip into recession if the US central bank did not resort to lowering policy rates to boost the economic growth in the world's most developed economy.

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Now as the most optimistic stance the trade war escalated, US President Trump reportedly said that he will be 'very nice' to its trading partner China and will not be levying tariffs as high as 145 per cent.

Asian markets performance

Amid the positive cues, Taiwan weighted index gained over 3 per cent, while Australia's S&P/ ASX 200 was up over 1 per cent. Likewise, Hong Kong's Hang Seng was up over 2 per cent, while Japan's Nikkei was up as much as 1.72 per cent at the last count.

Crude

Oil prices have traded higher in Wednesday's session, with Brent crude at $68 per bbl as US sanctions target Iranian oil exports. Nonetheless, future oil demand outlook is still weighed by continuing trade tensions as well as weaker global economic outlook.