Asia: Nikkei's historic gains boost other regional indices

The Nikkei continued its rally from yesterday and passed the 20,000 mark for the first time in 18 months on 2 June. A slew of positive Japanese data over the past few weeks, which included strong exports and industrial output, may have emboldened investors to propagate the rally.

Other major indices in Asia followed suit with strong gains during midday trading hours, with the Shanghai Composite Index being the sole exception. Moody's recent downgrade of China's sovereign rating and the revelation of a possible economic contraction according to Caixin data may have weighed on investor sentiments.

Across the Pacific Ocean, US President Donald Trump's decision to withdraw the America from the Paris accord has shocked politicians across the globe.

With concerns over the world's largest economy withdrawing from an agreement that was made to safeguard the environment, market reactions will be difficult to ascertain.

Thus far, the Brent Crude's recovery has wavered, with the price per barrel falling by 1.44% to $49.90 (£38).

On a positive note, The ADP private sector employment report revealed 253,000 jobs were added to the US economy in May.

Investors are also awaiting the testimony of former FBI head James Comey, who may testify before the Senate intelligence committee on June 8. Comey is said to have kept detailed memos on his interactions with the president.

The following index quotes were logged on 7:58 BST:

Japan: Nikkei- Up by 1.60% to 20,177.28

Hong Kong: Hang Seng- Up by 0.34% to 25,898.21

China: Shanghai Composite- Down by 0.01% to 3,102.337

Australia: S&P/ASX- Up by 0.87% to 5,788.100

Singapore: Straits Times Index- Up by 0.08% to 3,238.52

India: Sensex-Up by 0.41% to 32,266.59