Asian Stocks Rally as Russia Pulls Back Troops from Ukraine Border; Nikkei Jumps 2.1%

Asian stock markets traded mostly higher on Wednesday, rebounding from recent losses after Russia's Defense Ministry announced it began withdrawing troops from the Ukrainian border, easing geopolitical tensions that had pressured global equities. Japan's Nikkei 225 surged 562.83 points, or 2.10%, to 27,428.02. Australia's S&P/ASX 200 gained 61.10 points, or 0.85%, to 7,268.00. New Zealand, Hong Kong, South Korea and Taiwan rose between 1.2% and 1.6%. The rally followed a strong Wall Street session Tuesday, when the Nasdaq jumped 2.5% to 14,139.76, the S&P 500 rose 1.6% to 4,471.07, and the Dow gained 1.2% to 34,988.84. European markets also advanced, with Germany's DAX up 2.0%. Liontown Resources soared nearly 16% after signing a five-year lithium supply deal with Tesla. Fortescue Metals fell over 2% despite beating estimates. Santos dropped 3% as annual profit tripled. Crude oil tumbled 3.6% to $92.07 per barrel on easing supply concerns.