Asian markets surged Wednesday morning with Japan’s Nikkei leading the pack after Wall Street witnessed heavy buying, the day before, led by upbeat corporate earnings and expectations of gas supply resumption to Europe from Russia helped calm investor angst.

The Nikkei 225 shot up 2.4% by noon with the index having returned more than 7% over a month. Investors will be keenly eyeing the Bank of Japan’s policy decision on  Thursday.

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The Shanghai Composite Index was up 0.67% and the Shenzen Component gained 0.61%. China has kept its benchmark lending rate unchanged.

The South Korean Kospi was trading higher by 0.78%. Australia’s ASX rose 1.62%.

In Vietnam, the VN-Index rose 1.53% while the Cambodian CSX index was down 0.29%.

Indian markets also followed the trend, with the Sensex and the Nifty rising over 1% in morning trade.

Macro Factors: China has kept its benchmark lending rates unchanged with policymakers taking a cautious stance amid growing inflationary pressures and rate hikes across the world.