Asian Stocks Surge Amid China-Led Rally and Stimulus Optimism

Asian stocks led a market rally on Thursday, driven by optimism over China's aggressive stimulus package and hints of additional support. Meanwhile, oil prices dipped on reports that Saudi Arabia might abandon its $100 crude price target. Investors are also closely watching upcoming U.S. Federal Reserve policy speeches and inflation data.

Asian stocks bucked the global trend to extend a China-led rally on Thursday. Persistent optimism over China's aggressive stimulus package and news of potential further support fueled the market surge.

Meanwhile, Brent crude futures fell 0.88% to $72.81 per barrel, and U.S. crude shed 0.9% to $69.06 per barrel after a report suggested that Saudi Arabia might abandon its unofficial $100 price target for crude as it plans to boost output.

Asian equities received an additional boost after China's leaders pledged to support the struggling economy through significant interest rate cuts and fiscal and monetary policy adjustments, leading to gains across major Asian indices. Investors are now keenly awaiting speeches from Federal Reserve policymakers, including Chair Jerome Powell, to glean potential clues regarding the U.S. rate outlook.

(With inputs from agencies.)