Asian markets: Most indices trade higher following a positive Wall Street close overnight
Analysts say Brexit crisis has taken a back seat, at least in the short termReuters

Most Asian stock markets were trading higher on Thursday (30 June). The Shanghai Composite Index was, however, down 0.07% at 2,929.40 as of 6.31am GMT. This followed a positive close overnight on Wall Street and the Footsie as Brexit fears eased.

Britain's decision to leave the European Union had caused global turmoil with trillions of dollars being wiped off global equity values and the pound falling to 30-year lows. However, CNBC cited analysts as saying that the recent rally in global financial markets suggests that the Brexit crisis has taken a back seat, at least in the short term.

James Paulsen, chief investment strategist at Wells Capital Management, said: "So far the US financial markets suggest the Brexit crisis, at least from an economic standpoint, is far less serious than is suggested by the public rhetoric."

Paulsen, however, warned the crisis is not yet over and that it is possible to witness "more days of renewed financial market volatility".

Indices in the rest of Asia traded as follows on 30 June at 6.49am GMT:

CountryIndexPriceUp/Down%Change
Hong KongHang Seng Index20,756.97Up1.57%
JapanNikkei 22515,575.92Up0.06%
South KoreaKOSPI1,970.35Up0.72%
IndiaCNX Nifty8,256.85Up0.64%
AustraliaS&P/ASX 2005,233.40Up1.77%

Overnight (29 June), the Dow Jones Industrial Average closed at 17,694.68, up 1.64% while the FTSE 100 closed at 6,360.06, up 3.58%.

Among commodities, oil prices though trading lower had recovered most of the value it had lost after the Brexit shock. While WTI crude oil was trading 0.78% lower at $49.49 (£36.82,€44.55) a barrel, Brent crude was trading 0.87% lower at $50.17 a barrel at 6.57am GMT.