Source: Sharecast
Some market participants also highlighted more dovish remarks from some Fed officials as another factor behind the gains.
Japan's Nikkei-225 climbed 1.90% to 35,705.74 and South Korea's Kospi was up 0.95% to 2,546.30, Taiwan's TAIEX added 2.02% to 19,872.73 and the Australian All Ordinaries gained 0.61% to 8,175.12.
The Shanghai Stock Exchange's composite index on the other hand drifted lower by 0.07% to 3,295.06, while the Hang Seng ended off its best level, albeit 0.32% higher at 21,980.74.
"U.S. rate-cut chatter lit the initial spark. Several Fed officials cracked open the policy door, floating the idea of moving earlier than expected if economic data continues to wobble — or if Trump’s tariff gambit starts hitting jobs. That alone gave bulls the green light to press risk higher," said Stephen Innes, managing partner at SPI Asset Management.
"But this rally isn't just built on dovish dreams — the trade war fog is starting to lift."
Likely explaining the softness in Chinese stocks, at its April meeting China's Politburo indicated that monetary policy was still ahead and that previously announced fiscal spending would be accelerated.
However, no additional deficit spending measures were announced beyond those already approved in March, Capital Economics noted.
Reserve policies on the other hand could be introduced as needed in order to increase support if needed as a result of US tariffs.
"All told, we continue to think that policymakers will provide enough policy support to prevent a sharp downturn this year, even if it is highly unlikely that they'll be able to prevent a slowdown altogether," Capital Economics said.
