CSHEF China Enterprises Ltd (CE)

Asia Pacific markets started the day on a stronger note following cues from Wall Street after the U.S. dollar dropped Wednesday, which raised the price of crude oil.

Weaker-than-expected U.S. service-sector data pushed the U.S. dollar to its lowest level against a basket of currencies in three months, sparking gains for commodities, which extended into Asian trading hours.

"Risk-on is back with higher oil prices," analysts from ING wrote in a research note.

Chinese markets began the day higher, with the Shanghai Composite gaining 1.6% and the smaller Shenzhen market up 1.8%.

In Hong Kong, the Hang Seng Index climbed 1.7% while the Hang Seng China Enterprises Index, which is made up of mainland Chinese companies with listings in the city, advanced 2%. A gauge of Hong Kong-listed energy companies rose 5.6%.

Japan's Nikkei 225 trimmed earlier losses of as much as 1.5% and were recently down 0.5% in midmorning trading as the Japanese yen lost some strength overnight. The yen last traded at ¥ 118.06 against the U.S. dollar. Traders are attempting to parse mixed signals from the Bank of Japan with regard to the course of its stimulus efforts after it unexpectedly introduced negative interest rates on Friday.

"Confusion reigns, but either way the Nikkei will likely be sold today on JPY strength, while all other equity markets will perform nicely," wrote IG chief market strategist Chris Weston. "The central focus, though, is oil and specifically whether we will or won't get an emergency meeting between OPEC and non-OPEC members."

Elsewhere in Asia, most other benchmarks moved higher; South Korea's Kospi was up 1% and the Australian S&P/ASX 200 gained 1.6%.

Oil prices remained choppy in morning trade in Asia, with Brent crude rising 0.9% to $35.35 a barrel. WTI crude prices rose 1.2% to $32.65.

Gold strengthened and reached a three-month high. Bullion was last trading flat at $1,141.70 per troy ounce.

Write to Gregor Stuart Hunter at gregor.hunter@wsj.com

(END) Dow Jones Newswires

February 03, 2016 22:45 ET (03:45 GMT)

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