Asian markets rally on the back of higher oil prices, gold hovers around $1230

Asian markets start the day sharply higher after oil futures rebounded overnight. In addition a positive close on Wall Street overnight also helped shares in Asia on Tuesday morning.

The USD/JPY was trading 0.28% higher at 109.11 on Tuesday morning in Tokyo, the strongest since Friday, having closed in New York on Monday at 108.80. On the other side, gold finds support around $1230 marks.

Japan's Nikkei 225 index spiked 3.26% higher to 16,806.34 points shortly after the open in Tokyo, while the broader Topix index started the day 2.99% higher at 1,359.76 points.

In Korea markets also began on a higher note, with the Kospi index climbing 0.47% to 2,010.80 points. Today South Korea's central bank left the policy rate at a record-low 1.5% on Tuesday.

Hong Kong's Hang Seng index rose 0.60% to 21,286.47 on Tuesday, while the Shanghai Composite gained 0.58% to trade at 3,051.19 points.

Australia's S&P/ASX 200 stock index rallied 0.97% to 5,186.60 points early on in Sydney, the highest level since January.

New Zealand's S&P/NZX 50 equity index was trading 0.07% higher at 6,855.76 points after midday in Wellington.