Asian markets rally as oil price drops [at Financial Times] (Financial Times)

equities rallied on Wednesday, egged on by a sharp decline in oil prices overnight and Wall Street's rally. The Nikkei also got a boost from the weaker yen, sending exporters higher. Oil sagged below $130 and recently traded at $128.03, as the dollar rallied and concerns eased over a tropical storm in the Gulf of Mexico affecting oil and gas infrastructure. Positive sentiment circled the financial sector, following Wall Street's cue, which focused on Wachovia's turnaround plan rather than some negative earnings reports. The Nikkei 225 gained 1 per cent to 13,318.65, while the broader Topix rallied 1.5 per cent to 1,306.75. The Japanese currency slipped to Y107.22 against the dollar, from the Y106 range on Tuesday. Exporters gained, with Honda jumping 3.3 per cent to Y3,720, while Toyota gained 1 per cent to Y4,960. Nintendo... [read full story]