Asian equities mostly rose on Thursday,with Shanghai and Seoul underperforming on the back of sluggish property data from China, as investors took heart from a turn in oil prices and after the Federal Reserve said it was confident in the U.S. economy.
Overnight, U.S. stocks surged, with the blue-chip Dow marking its best session of the year following a rally in the energy sector and the Federal Reserve’s decision to be patient in raising interest rates. The Dow Jones Industrial Average rose 1.7 percent, while the S&P 500 added 2 percent, with energy pacing gains among its 10 major sectors. The tech-heavy Nasdaq gained 2.1 percent.
On Wednesday, Fed Chair Janet Yellen said in her last news conference of 2014 that the Fed is unlikely to start its rate hike process for “at least the next couple of meetings.”