World stock markets soared on Thursday, with Hong Kong's benchmark vaulting more than 7%, as stronger-than-expected US economic figures boosted confidence the world's largest economy is on the mend.
Huge gains in Asia followed an overnight surge on Wall Street and extended March's rebound in world equity markets amid tentative signs of stabilisation in the hard-hit global economy and banking industry.
It came as Group of 20 leaders met in London for a summit that aims to hammer out policies to combat the economic slump and reform the global financial system.
Nearly every sector in Asia charged higher, with carmakers such as Toyota Motor Corp and Nissan Motor Co rallying on US auto figures that were less dismal than feared. Exporters such as Sony Corp were lifted by the weakening yen.
Investors were encouraged after US car sales jumped by nearly 25% last month from February, beating the typical rise and underpinning hopes of a turnaround in the American auto market - critical for Asia's giant auto companies.
A rebound in pending US home sales in February from a record low, as well as improving manufacturing activity, added to a growing belief the most severe global downturn in decades may be moving close to a bottom.
In Asia, Japan's Nikkei 225 stock average jumped 367.87 points, or 4.4%, to 8,719.78, while Hong Kong's Hang Seng led the region's gains, soaring 1,002.43 points, or 7.4%, to 14,521.97.
South Korea's Kospi added 3.5% to 1,276.97, Singapore jumped 5.3% and India's Sensex climbed 4.9%.
The Australian share market closed almost 3% higher, with strong gains from banks and big miners pushing the local bourse into positive territory.
At the close, the S&P/ASX200 was 100.5 points, or 2.81% higher at 3680.2, while the broader All Ordinaries gained 95 points, or 2.69% to 3622.2.
In New Zealand, the benchmark index closed up 16 points, or 0.64%, to 2585.
