Asian equities appear set to kick off Wednesday on a positive note, tracking gains in the U.S. overnight, but shares may face volatility as oil prices continue to retreat.
Australia’s key S&P ASX 200 index jumped nearly 1 percent in early trade, while the Australian dollar ticked down 0.1 percent to buy $0.8160 to the dollar. Gold producers led gains, with Evolution Mining surging 8.7 percent and Beadell Resources opening up 5.6 percent.
BHP Billiton rose nearly 2 percent, after the world’s biggest miner announced that it would cut its shale drilling spending over the next six months as it looks to meet its promise not to cut dividends in the face of a collapse in iron ore, copper and oil prices.
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